Madoff Accountant David Friehling Turns Himself In, Faces 105 Years in Prison

bernard-madoff

Bernard’s Madoff’s accountant David Friehling has just turned himself in to authorities today for securities fraud charges that allege he falsified financial statements.

Acting U.S. Attorney Lev Dassin said today, “Although Mr. Friehling is not charged with knowledge of the Madoff Ponzi scheme, he is charged with deceiving investors by falsely certifying that he audited the financial statements of Mr. Madoff’s business,”

Prosecutors allege Madoff’s firm paid Friehling $12,000-$14,500 per month between 2004-2007 for his services. Prosecutors also allege he invested with Madoff’s security firm and had a joint account with his wife totaling more than $500,000.

Friehling now faces up to 105 years in prison if convicted.

Madoff pleaded guilty to 11 criminal charges on March 11, 2009 and is currently awaiting sentencing on June 16, 2009 in jail. His legal team is appealing the decision to get him out of jail pending sentencing.

Madoff, 70, faces up to 150 years in prison for stealing $65 billion in the biggest ponzi scheme in history.


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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to hercules@business2press.com
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