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Tag: David Friehling

Madoff’s Accountant Pleads Guilty and Agrees to Cooperate

money-photoBy Allan Lengel
ticklethewire.com

The potential to snare more bad guys in the Bernie Madoff scam is growing.

Madoff’s accountant David Friehling pleaded guilty in New York on Tuesday  to nine criminal charges, and has agreed to cooperate with the feds. That could mean more indictments.

Friehling told U.S. District Court Judge Alvin Hellerstein that he failed to conduct meaningful audits of Madoff’s business from 1991 through 2008, USA Today reported. His sentencing is set for Feb. 26.

“I appear before your honor today to take responsibility for my conduct,” said Friehling, who insisted he didn’t know about the scam and lost his own and his family’s life savings to Madoff, USA Today reported. “I am truly sorry for the suffering of all the victims.”

USA Today reported that “he may qualify for leniency based on what Manhattan U.S. Attorney Preet Bharara called his agreement to ‘assist us in holding others accountable for their involvement in Madoff’s epic fraud'”.

He pleaded guilty to securities fraud, investment adviser fraud and making false filings to the Securities and Exchange Commission.