Madoff Expected To Plead Guilty To 11 Criminal Charges

Photograph of Bernard Madoff (with bullet proof vest on, of course) escorted into court by Louis Lanzano/AP

Billion-dollar Ponzi scheme operator Bernard Madoff headed downtown for a hearing about his lawyer this afternoon. In a nutshell, as the NY Times outlines them, the issues surrounding lawyer Ira Sorkin are: 1) He has represented accountants who were accused of investing with Madoff in the 1990s; 2) he and his family have invested with Madoff's "fund," and Sorkin's sons would be among the investors trying to get money back from Madoff; and 3) Sorkin had invested, through a retirement fund, less then $20,000 with Madoff, and that investment was liquidated over 10 years ago.

Prosecutors do not think the conflicts are serious enough for Madoff to dismiss Sorkin as his lawyer, but, the Times explains, "Former prosecutors said that the government was wise to seek the court’s resolution of the issues before moving forward with a plea bargain." Bloomberg News says that Madoff will appear before Judge Denny Chin at 3 p.m. Madoff, 70, is expected to enter a guilty plea this Thursday.

In other Madoff legal news, his wife Ruth will retain her own lawyer. She had been represented by her husband's legal counsel, but now needs her own since she's been named in civil lawsuits as well.

Update: Sorkin said that it's likely Madoff will plead guilty, but no deal is in place. And it looks like Madoff will be spending the rest of his years in prison—the charges would total to 150 years in prison.

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By Jen Chung in News on March 10, 2009 7:08 PM

Comments [rss]

Felix Hoenikker

Perhaps this plea will buy his family some level of immunity.

longacre

I don't care about him anymore, it's obvious he's going to jail forever.

What I do care about is the investigation of the sons, the wife and the people who worked at his company who we've still heard nearly nothing about. There is simply no way hid did this alone.

Brooklynbobby

The authorities are currently scrutinizing 20 people who worked with him (including his wife). The story will start to get more interesting now.

Snoopy

Go easy on the guy. He's old and Jewish. Didn't his people suffer enough with the holocaust and slavery in the south?

matty

It's a Purim miracle.

westernqueensland

I'd bet that they don't take everything he gave his trayf porcine family back. If he looked like me (i.e. without the pink wrapper) he'd lose it all, so would his wife, kids, and neighborhood.

Snoopy

The DA can also not accept a plea bargain as I recall. Screw you Spirit76

felixthecat2

it is not DA but AG in Federal Court. And in Federal Court there are sentencing guidelines which the Judge needs to justify for any departure of these guidelines.

EastRiver

Madoff is in Federal court so there is no "District Attorney". Maybe you mean US Attorney?

Snoopy

"All persons are considered innocent until proven guilty: ..." Yo I watch COPS and they know what's best for us all.

JacqueMehoff

does anyone know if any union pension funds were invested with him because that cop looks like he wants to pop him one.

Rocknrope

There was a Carpenter's Union in Syracuse, an Electical Workers Union, a Plumbers and Steamfitters Union in Ithaca, and a Healthcare Worker's Union that lost millions with Madoff.

So yes, there are plenty of blue collar workers that would love to gut this subhuman.