Tuesday, November 3, 2009

Madoff Accountant Pleads Guilty

As predicted last week Bernie Madoff's accountant, David Friehling, has plead guilty this morning to his involvement in Madoff's ponzi scheme. NBC reports that in addition to securities fraud, Friehling was also charged with investment adviser fraud, making false filings to the Securities and Exchange Commission and obstructing the IRS.

Friehling becomes the second known Madoff associate to cooperate in the investigation. Madoff's right hand man Frank DiPascali pleaded guilty and is hoping for a reduced sentence by helping the FBI track others involved.
DiPascali is behind bars as prosecutors try to convince a judge to let the convicted co-conspirator out on bail so he can more easily assist the investigation.

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