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On August 11, 2009, Bernard Madoff's former top financial aide, Frank DiPascali, pleaded guilty to conspiracy, securities fraud and eight other charges as part of a cooperation deal in which he is expected to help prosecutors target other suspects in the massive scam. Pryor Cashman Partner Robert Ray, a former federal prosecutor, was interviewed by USA Today for its article entitled “Madoff's CFO Frank DiPascali pleads guilty in Ponzi scheme.”

Ray called DiPascali “a critical figure” who was “clearly in a position to help prosecutors.” But, noting that the charges against DiPascali include lying to the SEC and tax evasion, Ray said the suspect’s credibility could be challenged by attorneys for anyone charged based on his cooperation. “It's in some sense a pact with the devil, but it may well be a necessary pact with the devil in order to prosecute other people, because you really can't do it any other way.”

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