NEW YORK: The former chief financial officer for Bernard Madoff pleaded guilty Tuesday to conspiracy, admitting he helped Madoff carry out a massive fraud that cost thousands of people billions of dollars by lying to investors and testifying falsely when it seemed the fraud might be discovered.
"I was loyal to him. I ended up being loyal to a terrible, terrible fault," Frank DiPascali said as he pleaded guilty in U.S. District Court in Manhattan to charges including securities fraud, falsifying records and international money laundering.
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