NEW YORK (CNN) -- Frank DiPascali, formerly the finance chief at Bernard Madoff's investment advisory business, pleaded guilty in federal court in Manhattan on Tuesday to 10 charges including securities fraud and international money laundering. Frank DiPascali, center in this courtroom sketch, said he knew for about 20 years he was engaged in wrongdoing. The charges carry a maximum sentence of 125 years. With his guilty plea, DiPascali waived his right to a trial. As Tuesday's hearing commenced, U.S. District Judge Richard J. Sullivan explained that for him to accept DiPascali's guilty plea, DiPascali would have to sufficiently convince him that he was, in fact, guilty. That set the stage for a dramatic statement from DiPascali about his history at Madoff's firm, his personal relationship with Madoff, and the mechanics of a multibillion-dollar Ponzi scheme for which Madoff was convicted in June.
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NEW: Judge denies bail for Frank DiPascali, despite deal he had with prosecutors
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DiPascali, Bernie Madoff's fiance chief, pleads guilty to securities fraud
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Madoff was sentenced to prison this year for orchestrating Ponzi scheme
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DiPascali admits to creating false statements with historical stock prices
Each side will have the opportunity to submit documents and testimonies in support of or against DiPascali before @placeholder hands down the sentence.