Ex-Madoff Finance Chief Frank DiPascali Pleads Guilty (very very very sorry)

[UpInArms]

Source: Bloomberg

Aug. 11 (Bloomberg) -- Frank DiPascali, the finance chief at Bernard Madoff’s investment advisory business, pleaded guilty to helping his boss carry out a $65 billion Ponzi scheme and is helping prosecutors build cases against his accomplices.

DiPascali, 52, pleaded guilty in federal court in Manhattan to 10 counts, including conspiracy, fraud and money laundering. DiPascali has been explaining to prosecutors how Madoff spent two decades committing fraud using money from new clients to pay earlier investors at Bernard L. Madoff Investment Securities LLC.

“I knew I was participating in a fraudulent scheme,” DiPascali told U.S. District Judge Richard Sullivan. “I knew everything I did was wrong, and it was criminal, and I did it knowingly and willfully. I accept complete responsibility for what I did. I apologize to every victim and to my family and the government. I am very, very, very sorry.”

<snip>

DiPascali agreed to forfeit $170 billion for several counts and $250 million for the money laundering count.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aQSXqpCDoRR8

[tanyev]

1. I suspect he's mostly very, very, very sorry he got caught.

[Betsy Ross]

2. Forfeit 170 BILLION for a 65 billion scheme

Something's not right. Yes he is sorry he got caught, but his admission of guilt and apology do seem genuine. I guess I'm a half-full type.

[sofa king]

5. Yeah. Is that a typo?

Because if it's not, I'd sure like to know how the fellow managed to make two-and-a-half times more money than the entire scheme did.

[Demobrat]

3. So much for honor among thieves.

The people he's turning in are even now blubbering "but ... but ... but .... we TRUSTED you!!!!

[peacetalksforall]

4. Do you remember seeing a video of an interview with Madoff and his young, genius

it guy? The two of them were sitting on a couch. One interviewer for what seemd like an indie network? The two of them bragged about their system and talked a bit about their philosophy and style of doing business. The interviewer commented on their quiet office and they explained why? Was he charged? Tried? Where is he?

[formercia]

6. I bet he backed up to the pay line in guilt.

He came down with a bad case of Caughtitis.

[chelsea0011]

7. I saw in a story in our paper this AM that he was surprised the judge

had him handcuffed and hauled away. He seemed to think that co-operation meant no jail.

[JonQ]

8. True penance:

jump off a bridge and leave everything you own to the people you screwed over.

[Octafish]

9. Very, very big conspiracy.

Bernie filled very, very, very many Swiss bank accounts.

[conspirator]

10. I am very very sorry. Now, since I am rich and I have still a lot of money stashed

in foreign accounts, you will excuse me, but I have to go on a cruise. Enjoy you rat race to the office tomorrow. Bye.