Madoff's Former Finance Chief Could Expose Co-Conspirators
As convenient as it is to crucify Bernie Madoff and even his wife for the investment fraud that screwed billions out of investors, it's foolish to believe he acted anywhere close to alone. That's why prosecutors are giddy that former finance chief Frank DiPascali is pleading guilty and believed to be cooperating with investigators to build cases against the other culprits.
Bloomberg has the story:
"I believe he's cooperating," said John J. Fahy, a former federal prosecutor not involved in the case. "He would be very valuable to the government because he has been close to Madoff for so many years and had to have seen some of the fraudulent transactions that went on. From what we know of Madoff, he trusted very few people."
DiPascali is aiming for a reduced prison term. Whatever he gets it most likely won't be worse than Madoff's 150 years.
Ex-Madoff Finance Chief Could Point U.S. to Other Accomplices [Bloomberg]
(Photo: Kevin Dean)
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Comments:
yea... easiest way to hide money... huge renovations on your home.
There's no way only Madoff and a few of his pals were able to pull off something this big for so long.
I hope they catch and punish EVERYONE involved.
Where's justice?
The fact that madoff isn't loudly proclaiming who else is complicit kinda gives lie to his claims of feeling bad about what he's done.
Yay! Time for his sons to go to jail too! And since they didn't plead guilty like dad, I think they should be in real trouble.
Gods please let them have something solid out of this that implicates those feeder fund companies, especially their executives.
I just have to say.. the tag on this post is hillarious.
There is no such thing as a co-conspirator. A conspirator, yes...co-conspirator, no.
Yeah, but what does Fahy REALLY know? If he is not involved with the case, he is only offering his opinion as a former federal prosecutor. He may know the procedure, but how well does he know the defendants?
He may be 100% corretc, but honestly this kind of reporting always seems iffy. Talking to people not associated with a particular story just to get their opinion. Sloppy reporting by Bloomberg in this instance.
@jp7570:
As an experienced former prosecutor, I'm sure there are signs that point to it happening, as well as him still being involved in those social circles.
@gergs: Why not? It removes a layer of ambiguity by saying that two conspirators are participants in the same conspiracy.
No leniency for these con artists; they should all be locked away in the deep, dark bowels of a maximum security federal prison for a lengthy period of time to serve as a notorious example for other white collar crooks who might be thinking of similar ways to fleece people.
I hope he's hidden his ill gotten gains so his wife can continue living the high life while he sweats it out in prison.
ky is your friend....