DiPascali’s on the move and Peter Madoff’s New Troubles
Bernard Madoff cohort Frank DiPascali is on the move – literally. Frank and his wife Joanne have agreed to surrender their Bridgewater, New Jersey home and all its furnishings, according to a court filing.
They are giving up the property so that it and all salable personal property may be sold by the U.S. Marshal’s Service to help satisfy the forfeiture. Other personal property being given up by the DiPascali’s includes a home theater system, multi-station gym and circuit-training equipment, a snowblower, artwork, two all-terrain vehicles and a blue and white Yamaha motorcycle, according to the order.
Frank’s Fishy Ways:
I guess Frank DiPascali’s should have seen the writing on the wall. His 61-foot Viking sportsfishing boat the “Darling-Jo” was previously sold as part of an auction of Madoff’s property. Here’s a picture of the boat:
Apparently, Frank was so into fishing that he even put his boat’s captain, Christopher Warrin, on the Madoff payroll. It might have been a good investment, since Frank won over $55,000 in a 2007 South Jersery Mid-Atlantic Tuna Tournament. Here’s the award ceremony photo:
Frank and Joanne, are the managing directors of Dorothy-Jo Sportsfishing LLC, which registered in New Jersey in October 2002. According to this website and this website Joanne DisPascali is an employee of JP MorganChase National Association (the private banking arm of JPM) in their Iselin, NJ office. In 1998, DiPascali registered Dorothy-Jo Fishing Team LLC but the registration was allowed to lapse in 2005. Oh by the way, Dorothy-Jo Sportsfishing via Frank was a Madoff customer….
Peter Madoff in Hot Water:
In other news Peter Madoff, Bernies brother, is the subject of a federal criminal investigation. This news came to light in documents related to a civil lawsuit over losses by the Lautenberg foundation, which is
the charitable foundation of U.S. Senator Frank Lautenberg. Interestingly, the lawsuit claims that Peter either “recklessly ignored” or “consciously disregarded” the red flags from his brother’s Ponzi scheme. I guess its a bad idea to steal from a Senator. During depositions related to the case led by a lawyer for the foundation Ron Riccio, Peter invoked the fifth-amendments right against self-incrimination over 250 times. in the case. In frustration Mr. Riccio asked the judge to place Peter in contempt by even pleading the fifth in response to such questions as “Did you ever talk to him [Bernard] in your entire life?” Perhaps Peter’s next line of defense will likely go something to the effect of, “Am I my brothers keeper?”
Where was the due diligence by Peter? Or better yet on Frank. Such due diligence is lacking globally especially in Asia.