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Bernie Madoff: Frank DiPascali's Very Fishy Business


33. In addition, an individual named Christopher Warrin was listed on the BLMIS payroll. There is no evidence that Mr. Warrin was an employee of BLMIS, but is instead the boat captain for Frank DiPascali. Mr. DiPascali is a BLMIS employee who worked in the investment advisory business of BLMIS. A copy of Mr. Warrin's W-2 is attached hereto as Exhibit 23. - Filing #197, MadoffTrustee.com

Madoff junkies know Frank DiPascali won $55,070 in the 2007 South Jersey Mid-Atlantic Tuna Tournament in a dramatic down-to-the-wire finish which some might deem a little suspicious now that the real Frank DiPascali has been revealed. Anyone who submits a phony resume to his local school board is certainly capable of cheating in sports.

DiPascali's boat is named the Dorothy-Jo after his daughter and wife. He and his wife, Joanne, are the managing directors of Dorothy-Jo Sportsfishing LLC, registered in New Jersey in October 2002. In 1998, DiPascali registered Dorothy-Jo Fishing Team LLC but the registration was allowed to lapse in 2005.  

Dorothy-Jo Sportsfishing LLC c/o Frank DiPascali was a Madoff customer. How that fits into the case against DiPascali is not clear nor is it clear the company was a "legitimtate" customer.

Christopher Warrin was the Dorothy-Jo captain in the 2007 tuna tournament and the Dorothy-Jo was a 61-foot Viking sportsfishing boat. I don't know what year the Viking is but two to five-year-old Vikings can range in price from $1.75 million to $2 million plus.

Curiously, the Dorothy-Jo was described as a 50-foot Post Marine boat in the 2008 South Jersey Mid-Atlantic $500,000 Tournament. The listing could be a mistake but if it isn't, the question is whether DiPascali owns more than one very expensive sportsfishing boat or whether he sold one boat and bought a much smaller one.

Anyone interested in Frank DiPascali's assets is going to have to figure out how much money he has invested in the fishing business. In 2001, DiPascali bought a 7-acre estate in Bridgewater and put the property in his wife's name. He obviously was aware of the financial consequences if the Madoff swindle was exposed and he planned accordingly.

Three months before the DiPascalis registered Dorothy-Jo Sportsfishing, Christopher Warrin registered two companies, Warrin Boat and Engine LLC and Coldwater Fisheries Limited Liability Company, to an address on E. River Road in Rumson NJ. Warrin described his role in the two companies as "Other" rather than officer or director.

Warren Boat and Engine is the registered owner of the Triton, a 42-foot Osmond fishing boat. In June 2006, the Nantucket Waterfront News blog posted a photo of the Triton moored in Nantucket (no word on whether Mark Madoff was around). One commenter noted that Warrin was the owner and Jim Henderson was operating the Triton for him. He also knew Warrin ran a Viking for a living.

I can't tell if the Triton is for hire or if it is a commerical fishing boat. It has a big diesel engine and apparently goes up and down the East Coast. The captain employs some sort of innovative fishing method created by the Japanese called the greenstick which involves a wooden bird as a decoy. Whatever floats your boat.

Several business directories list "DiPascali" as a business located at 33 West St. in Monmouth Beach, NJ but the phone number, (732) 728-9378, has been disconnected.

The Dorothy-Jo was reportedly based in Monmouth Beach which might explain the "DiPascali" listing.

Businesses listed at 33 West St.: Blue Water Marine, Channel & West Yacht Sales, Channel Club Marina, Mobile Marine Repair, Sallee Tee's Grille and Vital Cash LLC.

On the 7/2008 BMIS Amex bill, DiPascali had several charges to the Channel Club Marina and to Sallee Tee's.    

I'm sure the Feds are looking into whether DiPascali's trip to the Bahamas last March was more than just a vacation.

Joann Crupi bought a $2.2 million waterfront house in Mantoloking NJ in 2/2008. Shana Madoff Swanson bought a $2.8 million house in East Hampton in 5/2008. Mark Madoff bought a $6.5 million waterfront house in Nantucket in 6/2008. Andrew Madoff bought a $4.2 million condo on the Upper East Side in 10/2008. 

What did Frank DiPascali buy?   


3 Comments

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Thank you for your superb work on this fascinating story. The investigation seems pretty leakproof, compared to, say, the one against former Gov Spitzer. Do you think that the feds are really pursuing it? Or are they trying to close it down as quickly and with as few ripples as possible?

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The feds certainly are keeping a lid on it and probably for good reason.

I read somewhere online the bankrupcty trustee thinks the feds should share more information but I know of at least one instance in which one of the members of the trustee's team leaked sensitive info.

Some very high profile people could be criminally involved in the case and it sounds like there might be issues with the SEC's previous Madoff investigations.

With literally hundreds of attorneys following the case, the DOJ has to be very careful not to make any missteps, especially where it affects the victims.

Keep in mind Lev Dassin is only the Acting US Attorney for the Southern District of NY and he has to handle this case with care if he wants a permanent postion.

The answer is yes, I think the feds are pursuing the case but prefer to do so without it being splashed all over the front page every day.

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Bernie, Frank and the others will soon be partying 24/7 on the taxpayer dollar. Read this post by a recent former inmate at the same "camp" as Joe Nacchio is currently hanging out at on the grounds of the Federal Bureau of Prison's Schuylkill FCI in Minersville, Pennsylvania:

http://fprison.wordpress.com

This is called "justice" in America.

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