< Back to previous page

Madoff accountant to plead guilty to fraud

Published on 2 Nov 2009 under category: legal

Bernard Madoff's accountant is set to plead guilty to fraud crimes.

David Friehling is charged with seven counts of fraud and will appear in court tomorrow (November 3rd).

The accountant joins Frank DiPascali as the second person to be identified by investigators as potentially playing a role in aiding Madoff in his Ponzi scheme crimes.

Daniel Richman, a law professor at New York's Columbia University, told Reuters: "Insiders like DiPascali and Friehling seem to have had very close contact with Madoff and the full extent of his business operations."

Mr Friehling's expected plea was revealed in a letter to US judge Alvin Hellerstein.

The fraud crime charges relate to the Ponzi scheme that Madoff was given a 150-year prison sentence for earlier this year.

Earlier this year, a report by the inspector general of the Securities and Exchange Commission claimed that the body had botched five investigations into Mr Madoff over a 16-year period.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.