Madoff to Plead Guilty; May Get Life Sentence

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Bernie Madoff will plead guilty on Thursday to eleven criminal charges, his lawyer Ira Lee Sorkin said today in federal court. If the judge accepts the plea, Madoff could begin serving a life sentence starting that day.

“The information which the government filed contains 11 counts: securities fraud, investment advisory fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings to the S.E.C and theft from an employee benefit plan,” said Assistant U.S. Attorney Marc Litt. "There is no plea agreement." (Meaning Madoff has to plead guilty to all 11 counts.)

“I gather it is the expectation that he will plead guilty?” the judge asked Sorkin.

"That’s a reasonable expectation," Sorkin replied.

At the hearing, Madoff waived a potential conflict of interest by Sorkin. His wife, Ruth Madoff, will be getting her own lawyer to represent her in the numerous civil suits that are expected to be filed against her in the wake of the collapse of her husband's Ponzi scheme and recent revelations about her own wealth.

Here's to enjoying your last couple days of penthouse arrest, Berns.

Madoff to Plead Guilty to Largest U.S. Ponzi Scheme [Bloomberg]
Madoff to Plead Guilty; Charges Carry a Life Sentence [NYT]

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