Madoff's Right Hand Man Gives Up Dead Fish

Frank DiPascali, the former CFO of Madoff's investment advisory, has been in prison since August, when he pleaded guilty to 20 felony counts. He faces up to 125 years in the pokey if convicted. This week, he and his wife agreed to give up their home and all its furnishings, even any dead fish, according to the public report.

The assets the government is taking from them include a home in New Jersey, all furniture, TV's, a boat, and motorcycle.

As you recall, Madoff's heist was the biggest swindle in US history. Estimates range client losses at $13-65 billion dollars. The figure varies because it's based on falsified investment statements that Madoff provided his clients.

When asked about the trades that took place on behalf of Madoff's clients, DiPascali said, "It was all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time."

His arrest, so far, has been a disappointment. I was hoping DiPascali would spill the beans and reveal information regarding Madoff's sons and wife, Ruth. But it's months since DiPascali was put in prison, over a year since Madoff's arrrest, and still no new news. Which still leaves Madoff's family's role in the swindle a mystery.

Sources:
1. Bloomberg
2. New York Times

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