Madoff expected to plead guilty to fraud charges
Bernard Madoff, accused of masterminding a $50 billion financial fraud, is expected to plead guilty tomorrow to 11 criminal charges that could put him in jail for the rest of his life.
He was charged in court papers with securities fraud, mail fraud, wire fraud, three counts of money laundering, false statements and perjury among other charges. US prosecutor Marc Litt said there was no plea agreement with Madoff, accused of bilking thousands of investors worldwide over many years.
The prosecutor told US District Judge Denny Chin at a hearing that Madoff could face up to 150 years in prison under federal sentencing guidelines. The judge said he would sentence Madoff in several months in the event of a guilty plea.
In court, Madoff's attorney Ira Lee Sorkin said there was an expectation that Madoff, 70, would plead guilty on Thursday to the criminal charges.
At the court hearing in New York over potential conflicts of interest for Sorkin, Madoff said "Yes, I am" when asked by the judge whether he was satisfied with his attorney continuing to represent him.
US prosecutors have said Madoff, free on $10 million bail but under 24-hour house arrest and electronic surveillance in his luxury Manhattan apartment, ran a massive Ponzi scheme. In a Ponzi scheme early investors are paid with money from new investors.
The purported swindle ran for decades with consistent returns of between 10 and 12 percent, but collapsed in last year's market meltdown.
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 2 London council removes 'unacceptable' Stamford Hill posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan in new celebrity hacking attack weeks after Jennifer Lawrence scandal
- 4 Matthew Miller: American sentenced to hard labour in North Korea 'wanted to be Snowden II'
- 5 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
London council removes 'unacceptable' Stamford Hill posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan in new celebrity hacking attack weeks after Jennifer Lawrence scandal
Isis in Syria: 60,000 Kurds flee terror in new exodus
Alan Henning kidnapping: Wife appeals for Isis to release 'peaceful and selfless' British aid worker
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Portuguese academic says British are 'filthy, violent and drunk'
Unpaid Voluntary Position : Reach Volunteering: Volunteer your expertise as Tr...
£68 - £73 per day + Competitive rates of pay based on experience: Randstad Edu...
£69 - £73 per day + Competitive London rates of pay: Randstad Education Group:...
£117 - £157 per day + Competitive London rates: Randstad Education Group: * Pr...