Madoff lieutenant seen as point man for prosecutors
Madoff lieutenant seen as point man for prosecutors
Wed Jan 21, 2009 7:28am GMT
(Reuters) - Frank DiPascali Jr, a key lieutenant of Bernard Madoff, is a potential point man in the investigation of the alleged fraud Madoff ran for decades, the Wall Street Journal said, citing a criminal complaint and people familiar with the matter.
Federal investigators are interested in information DiPascali can provide about the inner workings of Madoff's operation, who -- if anyone else -- knew about the alleged fraud, and where the money went, according to the paper.
DiPascali hasn't been charged with wrongdoing, the report adds.
DiPascali's lawyer was not immediately available for comment when contacted by Reuters.
Madoff allegedly confessed to his sons in December that the firm's investment-advisory business was a Ponzi scheme and "one big lie," according to court documents.
He estimated losses of at least $50 billion (36 billion pounds) from the scheme, which uses money from new investors to pay distributions and redemptions to existing investors.
(Reporting by Bijoy Koyitty in Bangalore, editing by Will Waterman)
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