Quantcast

Jewish Journal

Madoff to plead guilty

by Brad A. Greenberg

March 10, 2009 | 6:49 pm

These reports are coming from everywhere. Here’s one from the LA Times:

Bernard Madoff will plead guilty Thursday to 11 criminal counts including money laundering, perjury and securities, mail and wire fraud and will do so without a plea deal, knowing it carries a potential prison term of 150 years, lawyers said today in court.

Lawyers outlined the plea arrangement for the 70-year-old former Nasdaq chairman that was set to unfold later this week after Madoff waived several potential conflicts of interest between Madoff and his lawyer, Ira Sorkin.

Asked by the judge if Madoff would plead guilty Thursday, Sorkin said: “I think that’s a fair expectation.”

In papers filed after Tuesday’s proceeding, prosecutors outlined the case against Madoff, who quietly spoke in court, answering the questions of U.S. District Judge Denny Chin.

Prosecutors said in the papers that Madoff operated a massive Ponzi scheme in which his clients’ funds were misappropriated and converted to the use of Madoff, his business and others.

Chin said he will not sentence Madoff for several months after Thursday’s proceedings.

Tracker Pixel for Entry

COMMENTS

We welcome your feedback.

Privacy Policy
Your information will not be shared or sold without your consent. Get all the details.

Terms of Service
JewishJournal.com has rules for its commenting community.Get all the details.

Publication
JewishJournal.com reserves the right to use your comment in our weekly print publication.

ADVERTISEMENT
PUT YOUR AD HERE

ABOUT THE AUTHOR

{blog_image:alt}

The ripple effect of the Madoff deception.

Read more