Madoff’s ex-finance chief to give up N.J. home

/ Source: NBC News and news services

The man who served as Bernard Madoff's finance chief has agreed to give up his New Jersey home so it can be sold for the benefit of those cheated by his jailed former boss.

A document posted Monday in the file of Frank DiPascali showed that he and his wife have agreed to give up the home in Bridgewater, N.J., along with its appliances, electronics and furnishings. It will be sold by the government.

CNBC reported that gym equipment and a home-theater system were also among the assets being forfeited.

The 52-year-old DiPascali pleaded guilty in August to helping Madoff's multi-decade Ponzi scheme that cost thousands of people billions of dollars.

DiPascali has been cooperating with investigators probing who knew about the Ponzi scheme before Madoff revealed it in December 2008. Madoff is serving a 150-year sentence.

Meanwhile, Britain's Serious Fraud Office said Tuesday it will take no action against Madoff Securities Ltd., the British arm of Madoff's investment operations.

The SFO said there was "insufficient evidence to provide a realistic prospect of conviction" against either the company or its directors after it concluded a yearlong investigation.

It said it continued to provide assistance to regulators in other countries that are still investigating operations linked to Madoff. It also left the door open for further investigation here, saying it was "continuing its own enquiries into wider aspects of the fraud which may give rise to offending in the U.K."

The former Nasdaq chairman's operations in a number of other countries, including Austria, are still under investigation.