Frank DiPascali, the former chief financial officer for Bernard Madoff, has pleaded guilty to 10 charges and admitted helping Madoff operate the massive fraud that bilked investors out of billions.

U.S. District Judge Richard Sullivan revoked DiPascali's bail on Tuesday and ordered him jailed.

In court DiPascali said he lied to investors and the SEC when they came to investigate the firm in 2006. The charges against DiPascali included securities fraud, falsifying records and international money laundering and carry a potential sentence of 125 years in prison.

His cooperation with authorities may result in a more lenient sentence, but that is not expected until after May 2010.

According to DiPascali's detailed admission, he began working for Madoff in 1975 and became involved in the fraud in the 1980s or early 1990s. He apologized and said the transactions were all fake and that he knew it was wrong and that what he was doing was criminal.

More arrests are expected before the probe is finished according to the FBI.