Madoff employee Frank DiPascali pleads guilty, says it was 'all fake'

Frank DiPascali, the former Chief Financial Officer for Bernard Madoff, pleaded guilty today in Federal District Court in Lower Manhattan before Judge Richard Sullivan. I reported on this expected plea last week. He's hoping for leniency, but is facing a maximum of 125 years on charges of conspiracy, securities fraud, mail fraud, wire fraud, investment adviser fraud, two counts of falsifying the books of a broker dealer, international money laundering, perjury and federal income tax evasion.

DiPascali was released on a $2.5 million bond secured by his sister's home. U.S. Attorney Marc Litt asked the court to schedule DiPascali's sentencing in May of next year. How well he cooperates with the government case will impact the length of his jail term.