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DiPascali pleased guilty to fraud crimes

Published on 12 Aug 2009 under category: legal

Frank DiPascali has pleaded guilty to ten charges, including those relating to fraud crimes.

Mr DiPascali, described by many as Bernard Madoff's 'right-hand man', appeared in court yesterday (August 11th) over allegations of fraud, tax evasion, money laundering, falsifying accounts and perjury.

He confirmed that Mr Madoff did not work alone in his multi-billion dollar Ponzi scheme, saying that this was the case from the early 1990s through to last year.

Mr DiPascali, who could face more than 100 years in prison for these fraud crimes, pleaded guilty to all ten counts.

The 52 year old faces theses charges in relation to the Ponzi scheme for which Mr Madoff is currently serving a 150-year jail term for, after he pleaded guilty to charges relating to fraud crimes earlier this year.

In other news, the Serious Fraud Office has decided not to launch a full criminal investigation into the demise of MG Rover after the case had been referred to it by Lord Mandelson, the business secretary.