Tags: BERNARD MADOFF | BERNIE MADOFF | PONZI SCHEME | FRANK DIPASCALI | FORFEITURE | PROSECUTORS | CRIME

U.S. Seeks $170 Billion from Madoff Aide DiPascali

Thursday, 22 Apr 2010 11:55 AM

 

Prosecutors have asked a U.S. federal judge to hold Frank DiPascali, a former top aide to imprisoned Ponzi schemer Bernard Madoff, liable to pay $170.25 billion to the government under a forfeiture order.

In a Wednesday filing in Manhattan federal court, the government also asked a judge to order DiPascali to forfeit more than $6.1 million of personal property including a Bridgewater, New Jersey home; a Haverford, Pennsylvania condominium; cars; other vehicles and various accounts.

The defendant has been surrendering property, and the government plans to sell all his forfeited property, with net proceeds going to DiPascali's victims.

His wife and children also agreed to give up some claims, and his wife would be allowed to keep $177,982, according to Wednesday's filing.

DiPascali pleaded guilty to 10 charges including securities fraud, money laundering, conspiracy and perjury last August.

He preliminarily agreed at the time to forfeitures, and now agrees to a final forfeiture order, Wednesday's filing shows.

DiPascali faces up to 125 years in prison for his role in Madoff's estimated $65 billion Ponzi scheme, but could win leniency for cooperating with prosecutors.

Last December, the government said "it is likely his cooperation will result in an extraordinary letter" justifying a lower sentence. A spokeswoman for U.S. Attorney Preet Bharara in New York said DiPascali is still cooperating.

Marc Mukasey, a partner at Bracewell & Giuliani LLP who represents DiPascali, did not return a call seeking comment.

In its filing, the government said it deserves the $170.25 billion sum as proceeds of DiPascali's crimes, "regardless of whether he personally received such proceeds." DiPascali had worked for Madoff's firm, Bernard L.

Madoff Investment Securities, since 1975, and eventually became chief financial officer. The firm collapsed in December 2008.

In February, U.S. District Judge Richard Sullivan ordered DiPascali's release on $10 million bond, with stringent conditions including home confinement with electronic monitoring, and tight oversight by federal agents.

© 2015 Thomson/Reuters. All rights reserved.

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