Former Madoff CFO DiPascali’s Home to be Forfeited

Frank DiPascali, the former CFO for Bernard Madoff, and his wife are being forced to forfeit their New Jersey house and its contents to U.S. authorities, Reuters reports. DiPascali, who pleaded guilty in August 2009 to 10 criminal charges for his role in the Madoff scam, remains in jail pending trial.

Proceeds from the sale of the house and DiPascali’s other belongings will be used to pay defrauded investors. However, as the total forfeiture judgment against DiPascali is reportedly $170.25 billion, these proceeds will hardly make a dent in amount he owes.

Read the Reuters article