Frank DiPascali, 52, a long time employee and finance chief at Bernard Madoff’s investment firm pleaded guilty to 10 counts of fraud in helping his former boss carry out a $65 billion Ponzi scheme.
Charges include conspiracy, securities fraud, money laundering and perjury. He could be sentenced for up to 20 years on some of the charges.
“I knew I was participating in a fraudulent scheme,” DiPascali told U.S. District Judge Richard Sullivan, according to Bloomberg. “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.”
He told the judge he had helped Madoff carry out the fraud from the early 1990s until 2008, according to Reuters.
He was sent to jail by Sullivan after being denied a bail request.
A federal judge sentenced Bernard Madoff to 150 years in prison in June and is now serving his sentence in a North Carolina federal prison.
Madoff had claimed he acted alone in carrying out the fraud.