It’s offish. DiPascali pleaded guilty to all ten counts against him and faces 125 years in prison, just quarter century short of Boss Ponz. However, because he is cooperating with the U.S. Attorney, DiPascali may be lucky enough to get a sentence under the century mark.
The bright side for Frank DiPascali is that he gets to spend his last few days as a free man courtesy of a very nice sister who put up her house for the $2.5 million bond. Sentencing is tentatively set for May 2010.
DiPascali was the man that many Madoff investors corresponded with directly so it’s clear to us that he was LYING A LOT.
Per the WSJ:
The former chief financial officer for Bernard Madoff says he helped the disgraced financier and others “carry out a fraud that hurt thousands of people”…Mr. DiPascali said at the plea hearing that the transactions were “all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time.”
Okay then, nothing really new there but we will be waiting patiently to hear the other names. Next bean counter up for book throwing is David Friehling, who was kind enough to rubber stamp the Madoff financial statements for around $14k a month. Bright side for Friehling is that he’s looking at 50% less time in jail then Bernie.
As expected, James Davis, Stanford Financial’s Chief Number-Maker-Upper has entered his not guilty plea but his counsel has stated that his client will plead guilty to all the charges against him as early as next week. The initial plea has been made in order to finalize the plea agreement with Davis prior to his pleading guilty
This is all occurring while Stan the Man’s attorneys are in New Orleans appealing a Houston judge’s ruling that he has to pump iron in prison throughout his trial. Stan’s attorneys continue to maintain that their client is NOT a flight risk, which is kinda like saying that Bernie Madoff is NOT in jail.
Ex-Stanford CFO to plead guilty within 2 weeks: lawyer [Reuters]
This after speculation earlier about whether Davis would flip. Looks like he’s going to sing:
James Davis, the former chief financial officer of Stanford Financial Group and who is facing charges related to an alleged $7bn fraud at the group, intends to plead guilty to the three charges against him, his attorney told the Financial Times.
Attorney David Finn, who is representing only Mr Davis, told the FT there would likely be a “procedural not guilty plea” entered at his arraignment, but that his client would ultimately plead guilty to the charges against him “once all the details are worked out.” Mr Davis is due to appear in court in Houston on July 13.
You got that ticket to hell stamped, Stan?
Stanford CFO James Davis “intends to plead guilty”, laywer [sic] says [FT Alphaville]
Financial Officer Bean Counter Number-Maker-Upper Officer at Stanford Financial, James Davis, is appearing in court Wednesday to answer fraud and conspiracy charges.
Davis has spent the last few months cooperating with prosecutors and may flip on Stan the Man regarding the small matter of some money gone missing.
No agreement has been reached yet for Davis but considering the number of years being handed out and Stan’s potential fate of multiple centuries in prison, he may at the very least, consider cooperating.
Stanford CFO to appear in court [Accountancy Age]