Bernard Madoff’s former controller – who was also a longtime friend – is expected to plead guilty Thursday to participating in his boss’s massive Ponzi scheme, the Wall Street Journal reported.Irwin Lipkin, who retired in 1999 and lives in Florida, actually received money from Madoff until his Ponzi scheme collapsed, according to Irving Picard, the trustee trying to investors’ money back.
The former controller called Madoff “the brother I never had,” and Lipkin’s wife worked at the firm for 20 years, Picard reportedly claimed.
Court papers show Lipkin will plead guilty to making false statements and conspiracy to commit securities fraud, the Journal reported. He could go to prison for as long as 10 years.
Madoff is serving a 150-year prison sentence for masterminding the estimated $60 billion Ponzi scheme.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.