Results tagged “investmentfraud”

As expected, Frank DiPascali, who acted as the chief financial officer for Madoff Investment Securities, pleaded guilty to helping Bernard Madoff (pictured) pull off a $65 billion Ponzi scheme. DiPascali, a self-described "kid from Queens" who landed a job with Madoff, said, "No purchases or sales of securities were actually taking place in their accounts. It was all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time... I don't know how I went from being an 18-year-old kid who just happened to have a job to standing here in court. I regret everything I did. I hope my actions going forward with the government will make a difference."

It's Bernard Madoff's big day: At 10 a.m., U.S. District Judge Denny Chin will hand down a sentence that determines the 71-year-old's future after he pleaded guilty to orchestrating a $65 billion Ponzi scheme in the guise of an exclusive investment fund. Bloomberg News reports, "Each of the 250 seats in the courthouse’s Ceremonial Courtroom will probably be filled, many with Madoff victims. Proceedings will be broadcast to courthouse overflow rooms." Ten of the victims have asked to speak during the sentencing.