Witness: Madoff Cried When He Admitted to Ponzi Scheme

Madoff's right-hand man tells a New York court about the day he learned of the scam

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Frank DiPascali, Bernie Madoff’s former right-hand man, recalled before a jury in New York City Tuesday that Madoff was crying when he revealed his financial scheme to him five years ago, the Associated Press reports.

DiPascali, 57, told the court that Madoff called him into his office and told him to close the door before telling him that he’d defrauded investors. “I don’t have any more goddamned money! Don’t you get it?” Madoff said, according to DiPascali.

Madoff, arrested by FBI agents on Dec. 11, 2008, pleaded guilty to fraud charges months later and is now serving a 150-year sentence in prison. The ponzi scheme he orchestrated cost investors more than $17 billion.

DiPascali, the government’s primary witness in a case against five other former Madoff employees, could himself face a lengthy prison for his involvement in Madoff’s scheme. He hopes his cooperation will reduce any potential sentence, according to the AP.

[Associated Press]