In our ongoing quest to tell you anything and everything about people who knew, worked with, or were victimized by Bernie Madoff, we bring you the following investigation into Frank DiPascali, Bernie’s former CFO, who was “evasive” when he responded to regulators questions the day after his boss was arrested, and Charles Wiener, Bernie’s nephew and ex-Director of Administration.
Since they’re the Madoff execs about whom presumably the least is known, here’s a brief guide to Frank and Charles courtesy of Fight Club inspired blogger “Tyler Durden” and his “Zero Hedge” blog.
Zero Hedge: According to his Brokercheck profile, Frank is still currently registered at Bernard L. Madoff Investment Securities LLC, CRD# 1527021, he is in fact “Jr”, there have been no disclosures or suspensions filed against him (unlike his boss, whose crib sheet is quite prolific). Like a diligent schoolboy, Frank passed his Series 7 on June 21, 1986. Frank has been employed by Bernie since September 1975, over 33 years, meaning he joined when he was 18…
Frank is married to Joanne DiPascali of Howard Beach who is an employee of JP MorganChase National Association, the private banking arm of JPM. As noted here, Joanne works out of JPM’s Iselin NJ office, which is where the firm’s mortgage business is centered. In this March 29, 2006 memo, the Iselin office provided its 2 cents on just how smoothly the Nontraditional Mortgage Product market is operating. As seen in the following representative prospectus from a 2007 mortgage pool offering by that office, of the $473 million mortgage pool peddled probably by Mrs. DiPascali among others, only $181 million of mortgages had verification checks, $440 million are IOs and average outstanding balance is $476,000…So plot thickens – husband is chief financial officer to a ponzi as wife is potentially selling worthless mortgage pools… DiPascalis now live in Bridgewater, NJ, in what seems like a pretty decent house. In his spare time, Frank enjoys marlin fishing on his boat Dorothy-Jo, and he is actually quite good – he participated in the 2008 Mid-Atlantic $500,000 Marlin Fishing Tournament. Not only is fishing a hobby, but it seems to also be a family business (and who knows, maybe a money-laundering operation): since 2002 the couple has been running Dorothy-Jo Sportfishing, which according to manta.com has annual sales of over $230,000…
How about the other tenant of the 17th floor, Charles Wiener, Bernie’s sister son. Charlie is registered broker, CRD# 1329906, with no publicly filed adverse disclosures. Charlie passed his Series 7 on 9/21/1985. He has been employed at Madoff securities since May, 1980 – 28 years. Charlie is married to Carolyn B. Wiener, a lawyer. Charles and Carolyn live in Centerport, NY. Carolyn is the Wiener (no pun) in Schaum and Wiener, of 600 Old Country Road in Garden City, NY. Co-founder Martin Schaum himself was in the brokerage business under the name Good-Rate Brokerage Ltd. As noted, Charlie’s mother is Sondra Wiener, 74, who lives in the Ballenisles Country Club, a gated Palm Beach Enclave where annual membership costs $35,000-$115,000, and is a stone-throw away from Jupiter Island. Sondra and her husband, Marvin, are neighbours to such celebrities as Serena and Venus Williams.
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