Madoff CFO Will Plead Guilty

Court papers reveal that Frank DiPascali, who said was the right hand man of $65 billion Ponzi schemer Bernard Madoff (pictured), will plead guilty. DiPascali, the chief financial officer of Madoff Investment Securities, waived his right to an indictment and will plead guilty to to criminal charges on Tuesday. Former federal prosecutor Andrew Hruska tells Bloomberg News, "It would be reasonable for him to cooperate. The evidence against Madoff was strong enough for Madoff to go down without a fight. That would make it very difficult for someone in DiPascali’s position to fight the charges," and notes that DiPascali has his usefulness, "He seems to have been the key player in executing the decisions that Madoff made." A source tells Newsday that DiPascali "was in charge of all the ladies who sent out [trading] confirmations. He had contact with the [hedge] funds." A spokeswoman for the law firm representing DiPascali—Bracewell & Giuliani LLP (yes, that Giuliani—had no comment.