Legal News

Breaking News: Bernie Madoff Waives Indictment

By Ashby Jones

This just in: Alleged Ponzi-schemer Bernie Madoff has waived his indictment.

“We've waived indictment and the case will proceed by information,” said Daniel Horwitz, an attorney for Madoff, to the WSJ. Horwitz refused to elaborate.

The waiver could presage a plea deal for Madoff. Often, prior to a plea, a defendant will waive his or her right to a grand-jury indictment. In such a case, the prosecutors’ “charging document” — the document which lays out the case against the defendant — is called an “information.”

Earlier today, federal prosecutors in the Bernie Madoff filed a document indicating that were Madoff to waive his indictment, a criminal information would follow. The filing, made Friday morning, is called a Notice of Intent to file an Information and says, in full:

Please take notice that the United States Attorney’s Office will file an information upon the defendant’s waiver of indictment, pursuant to Rule 7(b) of the Federal Rules of Criminal Procedure.

Update: According to the WSJ’s Amir Efrati, citing a person familiar with the matter, no plea agreement is expected soon between prosecutors and Madoff. At a hearing next Thursday, the government is expected to file the information, which will lay out allegations against Mr. Madoff and list numerous criminal charges against him. At that point, Madoff may say that he plans to plead guilty to the charges or that he would like to go to trial.

Efrati reports that it’s unclear how cooperative Madoff has been during the criminal investigation. He has told prosecutors he acted alone in committing the fraud, but the government believes other individuals were likely involved, according to a person familiar with the matter.

A hearing on Tuesday before U.S. District Judge Denny Chin will first address potential conflicts of interest for Madoff’s lawyer, Ira Sorkin, whose family had an account at the Madoff firm. Madoff is expected to tell the court he understands the potential conflicts but will waive them.

Full post as published by Law Blog - WSJ.com on March 06, 2009 (boomark / email).