What Did Frank DiPascali Do For Madoff?

So far we’ve heard or seen no evidence that investigators are looking much at Avellino and Bienes, who we think are likely to know quite a bit, but indications are that they’re leaning heavily on Madoff’s lieutenant Frank DiPascali. That prosecutors think he could be a player has been leaked several times, and once again, WSJ revisits his story today.

Its clear that DiPascali did a lot of the client relations at Bernie Madoff’s firm, but he was also described to clients as the trader:

In the early 1990s, Mr. Madoff told one investor’s family that Mr. DiPascali “was your trader.” Mr. Madoff “was the designer of the system, and Frank was the implementer,” buying and selling stocks, bonds and options, said Tim Murray, a Minnesota real-estate developer whose family had $12 million invested in the firm, Bernard L. Madoff Investment Securities LLC, and dealt regularly with Mr. DiPascali.

Of course, this had to have been a lie since Madoff wasn’t trading. Or if he was trading, he certainly wasn’t making anywhere near the number of trades he claimed to have been. All of which makes you wonder what Frank DiPascali was thinking about when Madoff lied to clients about DiPascali’s role. If he really were ignorant of the whole thing, that would be weird right? Being lied about like that?

The other possibility: He knew a lot more. Somehow that seems more likely.

See Also:
Madoff’s ‘Go To’ Guy: Frank DiPascali

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