They've got muck; we've got rakes. TPM Muckraker
Friehling pleaded guilty to securities fraud, aiding or abetting investment advisor fraud, obstructing the administration of Internal Revenue laws, and making false filings with the SEC.
Federal prosecutors had charged that Friehling -- who said he was introduced to Madoff through Friehling's father-in-law -- created false financial statements for Madoff's firm, over many years. And that he had falsely certified that he had conducted proper audits.
Friehling is cooperating with prosecutors, but nonetheless faces a statutory maximum of 114 years in prison.