New York  - Bernard Madoff's former finance chief admitted his role in the worst financial scandal in history on Tuesday, pleading guilty to fraud and other charges in a federal court.

Frank DiPascali, 52, is only the second person to admit guilt in Madoff's 65-billion-dollar pyramid "Ponzi" scheme. Madoff, 77, was sentenced to a maximum 150 years in jail at the end of June.

"It was all fake. It was all fictitious," DiPascali told the New York court, according to Bloomberg News. He said he was complicit in the fraud since the early 1990s and was the main contact for thousands of investors who lost money.

DiPascali said there were others who knew of the fraud, which involved paying out high yields to old investors by drawing from the investments of new clients. But he did not give names.

Dispascali has been charged with 10 criminal counts, including multiple counts of fraud as well as conspiracy and perjury. He could face up to 125 years in prison but will likely get a lesser sentence because he has promised to cooperate with prosecutors.

The scheme, run through Bernard L Madoff Investment Securities LLC, affected charities, retirement funds, celebrities and individual investors.

David Friehling, an auditor, is so far the only other person charged in the case, but has pleaded not guilty. Madoff's family has also avoided a criminal case despite repeated speculation about how much they knew. (dpa)