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)