New York, NY -- Bernard Madoff's longtime auditor has pled guilty to fraud charges connected to Madoff's multi-billion-dollar Ponzi scheme.
David Friehling 1/8 1/8 FREE-ling 3/8 3/8 entered a plea of guilty to multiple charges, including securities fraud, inside a federal courtroom in Manhattan today. Friehling, who kept Madoff's books, admitted that he failed to do his job in verifying Madoff's financial records. The plea was part of a deal with prosecutors. Friehling stated in court today that he was never aware Madoff was running a Ponzi scheme, and said he too was a victim because he had put much of his family's savings in Madoff's trust. Friehling faces up to life in prison when he is sentenced in February, but he's expected to receive a much more lenient sentence due to his cooperation with prosecutors.
The 71-year-old Madoff is currently serving a 150-year prison sentence after pleading guilty to fraud charges.
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