Madoff to plead guilty, could face up to 150 years

(Agencies)
Updated: 2009-03-11 09:10

Asked by the judge if Madoff would plead guilty Thursday, Sorkin said: "I think that's a fair expectation." Chin asked Sorkin if Madoff would plead guilty to all 11 counts.

Bernard Madoff (C) enters the Manhattan federal courthouse in New York March 10, 2009. [Agencies]

"Yes your honor," Sorkin answered.

Related readings:  Madoff investors prepare for court confrontation  Top brass 'invested with Madoff'  Madoff takes shine off market  Madoff agrees to have assets frozen

Assistant US Attorney Marc Litt said there was no plea deal and that Madoff could be exposed to the maximum penalty under sentencing guidelines: 150 years.

Chin said he would not sentence Madoff on Thursday, and he would limit investors who want to speak at the hearing to those challenging whether the plea should be accepted or whether Madoff should be allowed to remain on bail pending sentencing.

"There is no plea bargain here. Those victims who objected to a plea bargain no longer have a reason to object," Chin said.

At least 25 Madoff investors have asked to speak Thursday under provisions allowing victims of crime to appear at a plea hearing.

Attorney Jerry Reisman, who represents more than a dozen Madoff investors, predicted that the plea hearing would be "a zoo."

"I will tell you my clients are outraged by his being able to escape with a guilty plea," he said.

But Chin told prosecutors to limit the number of victims who will speak in court and make sure they conduct themselves in a "respectful and dignified manner."

US Attorney Lev L. Dassin said in a release that the charges "reflect an extraordinary array of crimes committed by Bernard Madoff for over 20 years. While the alleged crimes are not novel, the size and scope of Mr. Madoff's fraud are unprecedented."

He said Madoff faces 150 years in prison, mandatory restitution to victims, forfeiture of ill-gotten gains and criminal fines.

He also noted that the government has not entered into any agreement with Madoff about his plea or sentencing and that the filing of the charges do not end the matter.

"Our investigation is continuing," Dassin said.

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