Now that Bernie Madoff is ensconced in federal prison, we've all grown a bit tired of the story. But things could get a little more interesting, as one of Madoff's key minions - Frank DiPascali Jr. - is expected to be charged today and to plead guilty to, multiple criminal charges, including conspiracy, securities fraud, perjury and tax evasion.

It only takes two to conspire, so it is possible that DiPascali schemed only with Madoff. But, unlike Madoff, DiPascali apparently has a plea deal with the government. And it of course seems unlikely the government would make a deal with DiPascali without a trade of information. With Bernie already locked up for life, information about the fraud is really only interesting to the extent he tells prosecutors who else knew about and helped orchestrate the Ponzi scheme.

There is no confirmation of what the cooperation deal entails, but speculation is rampant that DiPascali has agreed to do what Madoff would not - turn on his partners in fraud.

The hearing is scheduled for 3 PM today in front of U.S. District Judge Richard Sullivan. The list of expected charges, provided by the U.S. Attorney's office, is here.

UPDATE: The Wall Street Journal reports that DiPascali, who has called himself "the director of options trading" of Bernard L. Madoff Investment Securities LLC, told the court that the trasactions were all "fictitious" and that he "knew it was wrong at the time." The article indicates DiPascali said others, in addition to Madoff, were involved in the the scheme.

Each fraud and money-laundering charge carries as much as a 20-year prison sentence.

Read the full WSJ article here.

See Also: Madoff's Little Helpers