Frank DiPascali, who was the "chief financial officer" for Bernard Madoff's "investment" firm, was freed on $10 million bail today. According to the Daily News, he "went home to 24-hour house arrest," wearing "jeans, sneakers, a grey t-shirt and a big smile." Last August, he pleaded guilty to his part in the $65 billion scam, and has been cooperating with the authorities. DiPascali's lawyer claims his client can "can pull the curtain back on a fraud and answer a lot of questions"—the ones that "the whole world wants to be answered." An inmate thinks that DiPascali may know where Madoff's (alleged) $9 billion is hidden. more ›

Frank DiPascali, the "chief financial officer" for Bernard Madoff Investments, was denied bail by a judge yesterday, in spite of both the defense's and prosecution's arguments that DiPascali was cooperating. U.S. District Judge Richard Sullivan was skeptical of that, "The only people he could cooperate with are in a prison in Butner or in the bottom of a swimming pool someplace." Ouch! more ›

Irving Picard, the trustee in charge of liquidating Ponzi schemer Bernard Madoff's assets, now says many other people—not just Madoff's CFO Frank DiPascali—were involved with perpetrating the scheme. The NY Times reports, "According to a court document filed late on Friday, other longtime Madoff employees were in charge of managing 245 accounts for Madoff friends and family, and for them at least a few of the reported trades actually occurred." more ›

Now that Bernard Madoff's purported CFO Frank DiPascali has pleaded guilty to charges related to the $65 billion Ponzi scheme, speculation has begun about what he might be able to tell the feds. DiPascali's lawyer Marc Mukasey said in court that his client could be a cooperator "of a historic nature, somebody who can pull the curtain back on a fraud and answer a lot of questions"—the ones that "the whole world wants to be answered." The NY Times said that the feds have been look at some Madoff investors who are suspected of knowing they were participating in a Ponzi scheme. In other Madoff news, there's a tell-all book coming from a Madoff victim—and former extramarital fling! Bloomberg News reports that Sheryl Weinstein, an accountant whose family lost their savings, says she met Madoff 21 years ago when she was CFO at the Hadassah, the Women’s Zionist Organization of America Inc, "I now view that day as perhaps the unluckiest day of my life because of the many events set into motion that would eventually have the most profound and devastating effect on me, my husband, my child, my parents, my in-laws and all of those who depended on us." more ›

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." more ›

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. more ›