Former Employee at Bernard L. Madoff Investment Securities LLC Pleads Guilty to Ten-Count Criminal Information

For Immediate Release August 11, 2009	United States Attorney's Office Southern District of New York Contact: (212) 637-2600

NEW YORK—Lev. Dassin, the Acting United States Attorney for the Southern District of New York, Joseph M. Demarest, Jr., the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (FBI), Alan D. Lebowitz, the Deputy Assistant Secretary of the United States Department of Labor, Employee Benefits Security Administration (DOL-EBSA), and Patricia J. Haynes, the Special Agent-in-Charge of the New York Field Office of the Internal Revenue Service (IRS), announced today that Frank DiPascali, Jr. pleaded guilty to ten felony counts contained in a criminal information. 

DiPascali, formerly an employee of Bernard L. Madoff Investment Securities LLC, pleaded guilty in Manhattan federal court before United States District Judge Richard J. Sullivan to conspiracy, securities fraud, investment adviser fraud, falsifying records of a broker-dealer, falsifying records of an investment adviser, mail fraud, wire fraud, international money laundering, perjury and attempting to evade federal income taxes.

DiPascali, 52, of New Jersey, faces a statutory maximum sentence of 125 years in prison. He is also subject to mandatory restitution and faces criminal fines up to twice the gross gain or loss derived from the offense.

Additionally, the criminal information to which DiPascali pleaded guilty includes forfeiture allegations that would require DiPascali to forfeit the proceeds of the charged crimes, as well as all property involved in the money laundering offenses and all property traceable to such property.

Judge Sullivan remanded DiPascali and set a sentencing control date for May 15, 2010.

Mr. Dassin praised the investigative work of the FBI, DOL-EBSA, and the IRS and thanked the SEC for its assistance.  Mr. Dassin added that the investigation is continuing.

Assistant United States Attorneys Marc Litt, Lisa A. Baroni, William J. Stellmach, Barbara A. Ward, and Sharon Frase are in charge of the prosecution.

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Another Mini-Madoff sentenced to 20 years for financial fraud

www.chinaview.cn 2009-07-14 10:31:04

NEW YORK, July 13 (Xinhua) -- A New York lawyer was sentenced to 20 years in prison Monday for financial fraud, following arch swindler Bernard Madoff's imprisonment of 150 years last month.

Marc Dreier, a lawyer in Manhattan, admitted he had stole more than 46 million dollars from hedge funds by selling them fake promissory notes.

Dreier's lawyers asked the court to sentence him only 10 years in prison, however, Dreier was assumed to be sentenced to as long as 145 years in jail. His judge Jed Rakoff sentenced him 20 years in prison, which was obviously much shorter than expected.

Dreier, 59, graduated from Yale University and Harvard Law School, and then became a lawyer in Manhattan. On May 11, 2009, he pledged guilty to eight charges including money laundering, securities fraud and wire fraud.

Dreier reportedly spent a huge amount of money to maintain his luxury lifestyle. He had an ocean view luxury apartment on the Upper East Side New York. He also has several expensive cars and a 18-million-dollar yacht. His office had a large number of art collections including Picasso and Warhol's works. The estimate value of his collections was 40 million dollars.

Editor: Zhang Xiang

http://news.xinhuanet.com/english/2009-07/14/content_11705608.htm

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