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Madoff's right-hand man takes stand in NYC trial

December 2, 2013
Associated Press

NEW YORK (AP) — Bernard Madoff's former right-hand man is testifying at the trial of five former co-workers.

Prosecutors called Frank DiPascali to the witness stand Monday in Manhattan federal court.

DiPascali started working for Madoff in the mid-1970s and is talking about how business was done then.

He's expected to be on the stand for days.

According to FBI reports already in evidence, DiPascali told agents that Madoff lied to his inner circle about his epic fraud. He told the FBI that Madoff claimed he was making investments overseas that covered the multibillion-dollar accounts of his clients.

Madoff admitted in 2008 that his investment advisory business was a giant Ponzi scheme. He's serving a 150-year prison term.

DiPascali pleaded guilty in 2009 and agreed to cooperate. The defense has labeled him a pathological liar.

 
 

 

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