DiPascali to Plead Guilty as Madoff’s Accomplice

Frank-DiPascali

Frank DiPascali, the finance chief at Bernard Madoff’s investment advisory business, is being charged with 10 crimes related to his boss’s $65 billion Ponzi scheme.

Nobody thinks Madoff was acting alone in his scheme. They already arrested Madoff’s auditor, David G. Friehling.

U.S. Attorney Lev Dassin posted the charges today in a one- page filing on his Web site. DiPascali faces up to 125 years in prison on all the counts. Prosecutors will detail the charges DiPascali will admit before U.S. District Judge Richard Sullivan later today. In a letter to the judge on Aug. 7, Dassin said DiPascali is expected to waive his right to an indictment and plead guilty to charges contained in the information.

Here are the charges against DiPascali:

Count Charge Maximum Penalties
ONE Conspiracy 5 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $250,000 or twice the gross gain or loss; mandatory $100 special assessment; restitution.
TWO Securities Fraud 20 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $5,000,000 or twice the gross gain or loss; mandatory $100 special assessment; restitution.
THREE Investment Adviser Fraud 5 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $10,000 or twice the gross gain or loss; mandatory $100 special assessment; restitution.
FOUR Falsifying Books and Records of a Broker Dealer 20 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $5,000,000 or twice the gross gain or loss; mandatory $100 special assessment; restitution.
FIVE Falsifying Books and Records of an Investment Adviser 5 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $10,000 or twice the gross gain or loss; mandatory $100 special assessment; restitution.
SIX Mail Fraud 20 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $250,000 or twice the gross gain or loss; mandatory $100 special assessment; restitution.
SEVEN Wire Fraud 20 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $250,000 or twice the gross gain or loss; mandatory $100 special assessment; restitution.
EIGHT International Money Laundering To Promote Specified Unlawful Activity 20 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $500,000, or twice the value of the monetary instruments or funds involved, or twice the gross gain or loss; mandatory $100 special assessment; restitution.
NINE Perjury 5 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $250,000, or twice the gross gain or loss; mandatory $100 special assessment; restitution.
TEN Federal Income Tax Evasion 5 yrs. imprisonment; 3 yrs. sup. release; fine of the greatest of $250,000 or twice the gross gain or loss; costs of prosecution; $100 special assessment.

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