News Column

Bernard Madoff Scam Was 'Open Secret'

December 3, 2013

Asian News International

Washington, Dec. 3 (ANI): Former Madoff CFO Frank DiPascali has testified in a US court that the fraudster's Ponzi scheme was an open secret at the company.

Bernie Madoff's long-time right-hand appeared at the Manhattan federal trial of five former employees of the crooked investment firm.

According to the New York Post, he has given the first insider's perspective into the massive 65 billion dollars fraud.

DiPascali, an admitted fraudster-turned-star-government witness, told jurors they allegedly knew their con-man boss was committing fraud, and that they all profited handsomely from it.

The 57-year-old said that he realized fake trading was rampant at the firm shortly after dropping out of college at 19 to take an entry-level job there in 1975, the report said.

DiPascali testified that he got the job through defendant Annette Bongiorno, Madoff's longtime secretary, who was his next door neighbour in Howard Beach, Queens. (ANI)

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Original headline: 'Ponzi king' Bernie Madoff's CFO testifies scam 'was open secret in company'

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Source: (c) 2013 All rights reserved. Provided by, an company

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