Bernard Madoff’s finance chief, who pleaded guilty to aiding his $17bn fraud, said he could tell right away that fake trades were being used in customer accounts in 1975 when he joined the firm after high school.
Bloomberg News reports that the fraudulent trading went on 'for as long as I could remember', Frank DiPascali, 57, told a jury in Manhattan federal court Monday at the trial of five former colleagues. 'It was virtually impossible not to know what was happening'.
DiPascali, who started working for Madoff as a researcher when he was 19, is the highest-ranking former Madoff executive to testify in the first criminal trial stemming from the Ponzi scheme, which the U.S. has said began in the early 1970s and collapsed at the peak of the financial crisis.
DiPascali, who faces as long as 125 years in prison when he’s sentenced, is seeking leniency by testifying against the people, all of whom claim they were duped by Madoff into believing his investment advisory business was legitimate.
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