Madoff CFO Expected To Plead Guilty, May Rat Out Others

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Various news stories report that ederal prosecutors expect the former chief financial officer for Bernard Madoff to plead guilty to criminal charges on Tuesday. It’s long been rumoured that Frank DiPascali has been cooperating with authorities, perhaps providing evidence that others were complicit with Madoff’s scams.

Who will be implicated? Some suspect that others at the firm or other Madoff family members could be implicated by DiPascali. But far more explosive would be evidence pointing to the complicity of outside investment managers, such as Ezra Merkin and Walter Noel. It seems likely that the feds are cutting a plea deal with DiPascali to go after a big fish rather than minor accomplices. 

You can read the Wall Street Journal’s write up here.

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