Bernard Madoff could face up to 150 years in prison

2009-03-11 15:15:11

NEW YORK, March 10 (Xinhua) --

Bernie Madoff, the accused financial swindler and former Nasdaq chairman, could face up to 150 years in prison, U.S. media reported on Tuesday.

Defense lawyer Ira Sorkin said Madoff would plead guilty on Thursday at a federal court in New York.

At a hearing on Tuesday, Assistant U.S. Attorney Marc Litt said Madoff faces 11 criminal counts including securities fraud, mail fraud, wire fraud, money laundering and filing false statements with the Securities and Exchange Commission (SEC).

Madoff, 70, is under house arrest at his Manhattan home on 10 million dollars bail.

His wife, who has engaged a separate lawyer, is claiming that tens of millions of dollars in her name cannot be touched to pay victims of the swindle.

Madoff was arrested in December for allegedly running a 50-billion-dollar Ponzi scheme - a pyramid racket where people paid into fake investments. The money from new investors was used to pay handsome dividends to earlier investors.

Investigators reportedly believe that Madoff's investment empire spent decades taking money from clients with the promise of hefty returns -- in some cases up to 46 percent. But instead of investing the money, he simply used deposits from new clients to pay false profits to existing investors.

Nearly two dozen investors have asked to speak at Thursday's hearing under often-overlooked provisions allowing victims of crime to appear at a defendants plea hearing, according to the New York Post.

Lawyer: Madoff likely to plead guilty

2009-03-11 04:42:18

NEW YORK, March 10 (Xinhua) --

Bernard Madoff, who was charged with Wall Street's biggest fraud, will plead guilty on Thursday to 11 criminal counts, his lawyer Ira Sorkin said on Tuesday.

Sorkin's statement came as the Justice Department said there is no plea agreement in place for Madoff, who, according to prosecutors, faces up to 150 years in prison on 11 charges.

Madoff also waived his right to have a grand jury review the allegations against him, CNBC reported.

The 70-year-old former Nasdaq chairman has been under house arrest since he was charged with one count of securities fraud.

U.S. District Court Judge Denny Chin said in his Manhattan courtroom that he will not sentence Madoff on Thursday.

Editor: Yan

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