Frank DiPascali, the chief financial officer of Bernie Madoff's investment advisory business, appeared in Federal District Court in Lower Manhattan today, where he is in the process of pleading guilty to charges of fraud, money laundering, and falsifying financial records for Bernie Madoff. In court, the Queens native, described as a “street-smart New Yorker” by former Madoff investors, told the judge that the business his employer of 33 years ran was
"all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time."
DiPascali, who is being represented by Mukasey, the son of U.S. Attorney General Michael Mukasey, faces at least twenty years on each of the ten counts he has been charged with, and has been reportedly working with prosecutors in exchange for a reduced sentence.