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Saturday, December 20, 2008

Update on Madoff Disaster: Chase Bank Mob Connection?

Madoff CFO, Frank Dipascali, Married to JPMorganChase Private Banker
by Josh Marshall - December 19, 2008

Frank Dipascali, referred to in the media as either Madden CFO or senior execuive, is married to Joanne Dipascali, an employee of JPMorganChase National Association, the private banking arm of JPMorgan. Frank is the only non-family employee working on the 17th floor who has been publicly identified to date. (Charles Wiener, another 17th floor employee, is Bernie's sister's son.)

JPMorganChase was Madoff's custodian bank. At the end of every reporting period, Madoff's brokerage firm liquidated its holdings to avoid SEC disclosure requirements. That alone should have been a red flag for the SEC in 2006. The SEC also should have confirmed Madoff's cash balance at 12/31/05 with JPChase as a matter of routine. A couple of posts ago, I speculated as to why the Madoff family trusted someone named Dipascali and whether organized crime is involved in the scandal. Now I read that Joanne Dipascali is from Howard Beach. Not for nothing but a lot of members of organized crime are out of Howard Beach, too. She also lived in Island Park, home of Alphonse D'Amato and Phil Basile. The Dipascalis now live in Bridgewater NJ and appear to be enjoy marlin fishing on their boat, the Dorothy-Jo. In fact, the Dipascalis like fishing so much, Joanne started a business named Dorothy-Jo Sportfishing LLC which, according to Manta, is in the Sports Club/Manager/Promoter business. Great way to launder money!  I am surprised no one in the press has reported the the link between Madoff's firm and JPMorganChase. I don't know if one has to do with the other but the stock fell on 12/15. It also fell substantially in late November. Someone might have had advance notice of pending problems at the bank.

If Madoff was working with organized crime, the SEC and the exchanges are not going to tell John Q. Public about it, investor confidence and all that. I'm starting to wonder if Treasury Secretary Henry Paulsen is lending taxpayer money to banks to buy other banks to cover up an even bigger scandal in the markets. Maybe somebody became curious enough to check whether any of the banks now being bought actually had cash on hand and they didn't.  Remember Businessweek's 1996 story, "The Mob on Wall Street - Part I & II? The wiseguys never got put away like they should have been.  For what its worth, information about the Dipascalis is fast disappearing from Google. Whether I'm right or wrong about Bernie and the mob, I want to know why the Madoffs trusted Frank Dipascali with their deepest, darkest secrets and $24 billion.


Madoff Restricted to Home; U.S. Warns of Harm, Flight  

Bloomberg News by David Glovin - December 19, 2008

Dec. 19 (Bloomberg) -- Bernard Madoff, accused of masterminding a $50 billion investment fraud, was placed under round-the-clock house arrest in his $7 million New York City apartment after prosecutors warned of his “harm or flight.” Madoff, 70, had been subject to electronic monitoring and a 7 p.m. curfew under a Dec. 17 court order. Now he is barred from leaving his Upper East Side apartment except for court appearances, and his building will be watched by security guards and video surveillance, according to a letter from prosecutors filed today in federal court in Manhattan. “The bail conditions are what the government has agreed to,” Madoff’s lawyer, Ira Sorkin, said in an interview, declining further comment. He wouldn’t say whether Madoff had been threatened. Madoff, 70, was arrested Dec. 11 after telling his two sons and federal investigators that he had been using money from new investors to pay off old ones in a massive Ponzi scheme. He said clients of New York-based Bernard L. Madoff Investment Securities LLC lost $50 billion. Assistant U.S. Attorney Marc Litt said in the letter, sent to U.S. Magistrate Judge Theodore Katz in New York, that Madoff’s wife, Ruth, will pay for the surveillance. Katz agreed to the conditions.

‘Harm or Flight’

The security service, which will be in place by tomorrow, will watch Madoff’s doors and will be able to send a signal from an observation post to the Federal Bureau of Investigation, according to the letter. One reason for the new bail conditions was “to prevent harm or flight,” the government said. The New York Daily News reported yesterday, citing an unnamed source, that Madoff and his family were threatened with harm if he didn’t repay investors. Other bail conditions remain as before. Madoff posted a $10 million bond, guaranteed by his wife and brother Peter, and he and his wife have agreed to surrender homes in Manhattan, Montauk, New York, and Palm Beach, Florida, if he flees. Madoff remains subject to electronic monitoring. The Manhattan apartment is worth about $7 million, according to bail papers. Ruth Madoff, who hasn’t been accused of wrongdoing, also has surrendered her passport. Madoff, who hasn’t formally responded to a securities fraud charge against him, is due to return to court Jan. 12, unless prosecutors indict him before then. Prosecutors and defense lawyers may also agree to postpone the court date. In an interview yesterday, Sorkin said Madoff’s company is “cooperating fully with the government.” Madoff met with prosecutors earlier this week, according to people familiar with the case. The case is U.S. v. Madoff, 08-mag-2735, U.S. District Court, Southern District of New York (Manhattan). To contact the reporter on this story: David Glovin in U.S. District Court in New York at dglovin@bloomberg.net.

9 comments:

retired wise guy said...

the word for years was that the mob had a some of Chase Manhattan and Al (the boy) D'Amato was on the payroll. Could be that Bernie Madoff was a bag man for the boys. The question then is what boys, to whom did he report?

Anonymous said...

Remember Marc Rich. Madof probably has money stashed in off shore accounts. He'll disappear and Schumer will breathe easier. He didn't do this alone; he had accomplices and political protection, Schumer. Obama knows he was a big contributor to Schumer and other Democrats; he'll not be actively pursued, the scandal would expose too many Democrats. Madof belongs in jail now.

Anonymous said...

It's not just Chase bank. Most corrupt lawyers have bought the banks. They have to.

Anonymous said...

That explains why the receiver wasn't worried about the bank when he stole my house. Keep in mind there was no bankruptcy, no foreclosure, and no valid order appointing him....

I'm still not sure how they do this without a transfer of deed... but they do...

Anonymous said...

All of these theories are based on pure speculation, being made by people at the very end of the line in a gigantic game of telephone. Not to say some things may not be true, but as a matter of FACT, all income made through Dorothy-Jo Sportfishing LLC was made from the catch of a single white marlin in a fishing tournament. You should not always believe what you read on these websites, and although conspiracy theorists may be right sometimes, they are often victims of the fantasies they have conjured in their own heads, to make themselves feel important.

no fan of fbi said...

NOW we read that the FBI is using "Triage" to shift focus from Terror to maddog Madoff aand Subprine Probes! When ever the FBI becomes involved we should all wonder. Good Luck Agent Cardona and watch your back!

Anonymous said...

The Joanne Dipascali who works at JPMorgan is not the one that's married to Frank Dipascali from Madoff. Different person. Shame your conspiracy is based on a google search.

Anonymous said...

this is not a smart person who thought of this i went to school and am friends with the family no ties to this at all

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