Reports: Madoff to plead guilty, could face 150 years in prison


Bernard Madoff will plead guilty to charges stemming from his $50 billion Ponzi scheme, according to Bloomberg News:

Bernard Madoff will plead guilty in two days to fraud charges in a Ponzi scheme that was the largest in U.S. history, his lawyer Ira Sorkin said in a court hearing today.

Madoff appeared in Manhattan federal court and waived a possible conflict of interest by his attorney, Ira Sorkin. In the course of the hearing, Sorkin said that Madoff will plead guilty to fraud charges on March 12.

The guilty plea has been expected since March 6, when Madoff’s lawyer said his client would agree to be prosecuted without a grand jury indictment. Madoff, who is free on $10 million bail, is likely to spend the rest of his life in prison after pleading guilty.

Madoff, 70, was arrested on Dec. 11 and charged with fraud for using billions of dollars from new investors to pay off old ones. The day before, he told relatives that his business was "one big lie," prosecutors said in court papers.

He could face up to 150 years in prison according to reports surfacing now in such places as Foxnews:

NEW YORK —  DEVELOPING: Bernard Madoff will plead guilty to 11 counts in his financial fraud case and faces 150 years behind bars if convicted, has learned.

The former NASDAQ chief is accused of bilking investors out of at least $50 billion in a Ponzi scheme.

Madoff appeared in court Tuesday in an attempt to clear his lawyer of any potential conflicts of interest. The judge ruled that he could retain his lawyer, Ira Sorkin.

A bit more from NY Times Dealbook.

Recommended from JTA