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Business

Madoff accomplice’s assistance may lead to leniency in sentencing

By
Chad Bray
Published Feb. 19, 2010, 9:54 p.m. ET

Frank DiPascali, a key lieutenant to convicted Ponzi schemer Bernard Madoff, has provided “substantial assistance” to prosecutors and his continued cooperation could result in an “extraordinary letter” for leniency being written in connection with his sentencing, prosecutors said in a letter unsealed Friday.

Assistant U.S. District Attorney Marc Litt outlined the level of DiPascali’s cooperation with prosecutors from the U.S. Attorney’s office in Manhattan in a December letter to U.S. District Judge Richard Sullivan in Manhattan.

A vast majority of the letter, which was unsealed Friday, was redacted–namely portions discussing specifics of his cooperation.

“DiPascali has already provided substantial assistance to the government in its investigation and prosecution of others that warrants a significant (letter regarding his sentencing from prosecutors), and it is likely that his continued cooperation will result in an extraordinary letter,” Litt said.

The letter was written in December in support of a joint move by prosecutors and DiPascali’s lawyer to have him released on bail pending sentencing. Sullivan, the district judge, ordered DiPascali be jailed after his guilty plea in August.

Last week, the judge agreed to allow DiPascali to be released on a $10 million personal recognizance bond.

In his order granting bail, Sullivan, who had expressed skepticism about how much cooperation DiPascali could provide, said he was swayed in part by the December letter from prosecutors.

DiPascali, 53 years old, pleaded guilty to 10 criminal charges last August, including conspiracy, securities fraud, investment adviser fraud and international money laundering.

As part of his bail, DiPascali will be subject to home confinement and electronic monitoring. He also must be escorted by a Federal Bureau of Investigation agent when he leaves his residence, and his home is subject to routine inspections by FBI agents.

Madoff, 71 years old, admitted in March 2009 to running a decades-long Ponzi scheme that bilked thousands of investors out of billions of dollars.

Five people, including Madoff and DiPascali, have been charged criminally in the matter.

David Friehling, Madoff’s former accountant and auditor, pleaded guilty to securities fraud and other charges in November.