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Madoff finance chief out on bail

Ten months after admitting his responsibility in the Ponzi scheme perpetrated by Ponzi-king Bernard Madoff, his former finance chief was released on a $10 million bail.

Frank DiPascali, 53, left U.S. District Court in Manhattan. He had provided information to investigators that has led to the arrests of Bernard Madoff’s former auditor and two computer programmers (hmmm, computer programmers, really dangerous types).

U.S. District Judge Richard Sullivan has twice rejected bail packages that were acceptable to prosecutors, instead noting DiPascali’s “crucial” role in the fraud, which DiPascali admitted he had known about since the 1980s or early 1990s and presumably voluntarily participated in.

Read the full article from the Associated Press in Yahoo News.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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