Photos and VideosMore Photos and Videos
A former executive with Bernie Madoff's investment firm is expected to plead guilty to federal charges, prosecutors said Friday.
Frank DiPascali, the longtime financial officer for the disgraced financier, "will plead guilty to a criminal information" according to a letter from prosecutors.
Federal prosecutors notified a court on Friday that they intend to bring unspecified criminal charges against DiPascali, who is believed to be cooperating with investigators, sources said.
DiPascali would be the second person other than Madoff charged in connection with the $65 billion fraud. Madoff's outside accountant, David Friehling, is also facing federal charges.
Madoff is currently serving his 150-year prison sentence in a North Carolina prison. Investigators have said there is not enough evidence to charge Madoff's wife in connection with the scheme at this point in time.
Madoff has insisted that he acted alone, and only one other person -- his accountant -- has been charged during the seven-month investigation. But Madoff's brother and sons, who ran a trading operation under the same roof, large investors and other insiders have come under intense scrutiny, and the FBI has said it expects more arrests before they conclude the probe.
Officials will not say which relatives or former co-workers at Madoff Investment Securities will face charges. Investigators have said they expect about a dozen others to face charges as the investigation moves forward.
DiPascali, 52, helped handle Madoff investor accounts for more than 30 years. He is expected to face the charges in Manhattan Federal Court Tuesday afternoon. A spokeswoman for his attorney Marc Mukasey declined comment.
Customers have described DiPascali as their main contact with the firm. He was the person who they spoke with, if they had questions about their accounts or wanted to add or withdraw money.
He also has a long history with Madoff: Both come from the same part of Queens. His first job was as Madoff's assistant. He went on to hold titles in the 1980s that included director of research and director of options trading. He became the firm's chief financial officer in 1996 -- a post he held until the firm's collapse.
The filing of an information is usually a sign that a plea deal is in the works. The notice filed with the court Friday said DiPascali will likely waive indictment and the case against him with an information. Bernie Madoff's criminal case proceeded on an information after he was arrested.