Legal News

Madoff To Plead Guilty to 11 Criminal Charges; Faces 150-Year Sentence

By Ashby Jones

Well, the end is nigh, it appears. Bernard Madoff is expected to plead guilty Thursday to 11 criminal charges in connection with an alleged massive Ponzi scheme, his lawyer, Ike Sorkin, said Tuesday. Click here for the WSJ story.

At a hearing Tuesday afternoon, Sorkin said his client expects to plead guilty to a criminal information, or charging document that outlines the allegations against him, filed by the government with the court on Tuesday. Click here for the information; here for the government’s press release; here for the letter sent from prosecutors to Sorkin outlining the allegations.

“Do you expect Mr. Madoff to plead guilty on Thursday?” asked U.S. District Judge Denny Chin in Manhattan. “That’s a reasonable expectation,” Sorkin said.

At the hearing, Assistant U.S. Attorney Marc Litt outlined the charges against Madoff. They consist of securities fraud, investment advisor fraud, mail fraud, wire fraud, three counts of money laundering, making false statements, perjury, false filings with the U.S. Securities & Exchange Commission and theft from an employee benefit plan. Madoff, 70, faces 150 years in prison.

The hearing on Tuesday was established so that Madoff could waive any potential conflicts of interest owned by Sorkin. Both Sorkin and his parents once had investments with Madoff’s firm.

Full post as published by Law Blog - WSJ.com on March 10, 2009 (boomark / email).