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March 10th, 2009
09:56 PM ET

Evening Buzz: Madoff to Plead Guilty

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/CRIME/03/10/madoff.plea/art.madoff.jpg caption="Bernard L. Madoff is charged in one of the largest investment fraud schemes on record."]

Maureen Miller
AC360° Writer

Lawyers for Bernard Madoff say the ex-money manger will plead guilty this week to 11 felony counts, including stock fraud, perjury and money laundering. Those charges are all connected to the greatest fraud in Wall Street history that wiped out fortunes, ruined lives and caused so much suffering. Madoff, who is perhaps the most hated man in America, is facing up to 150 years in prison.

Madoff had told authorities he'd scammed investors in a $50 billion ponzi scheme. But today prosecutors said the dollar amount is actually much higher. We'll have all the details tonight.

How much jail time do you think Madoff should get? Share your thoughts below.

Plus, we have breaking news out of Alabama tonight on a shooting rampage that's left ten people dead. Investigators say a gunman opened fire in at least four locations before killing himself. What was the motive? We'll look into that at the top of the hour.

Also tonight, we dig deeper on Pres. Obama's education reform plan. He laid out his vision earlier today, calling for more charter schools, greater teacher accountability and parental involvement.

Join us for these stories and more starting at 10pm ET.
See you then!


Filed under: Maureen Miller • The Buzz
soundoff (6 Responses)
  1. Rob Dean

    Gallows should be constructed on Wall St. and this guy, smirk and all should be publicly hanged.

    March 10, 2009 at 11:55 pm |
  2. karen

    a person steals 500.00 from walmart, is charged with a felony, could spend years in jail, if they have had 2 other felonies, they could spend life in many states, yet this guy is out on bond, has been stealing 500.00 a minute for years, and is now saving his family by pleading guilty. yeah the justice only is for the rich, and we are suppose to feel sorry for the rich cause they might have to pay more taxes next year.

    March 10, 2009 at 11:47 pm |
  3. Daniel Peever

    Christine he is facing 150 year prison sentence. He will plead guilty and I take it he will be going to Jail? Of course I am not legal person so I dont know. But if he doesnt go to jail and lives under house arrest only I think the United States will be very dissapointed and there will be an upraor by the masses. He needs to head to jail for the rest of his life. He wont have to experience for long by any means. But he deserves every minute of it for what he did.
    Dani as for your comment of course there are many more people. They said we admited to his family about what was going on. However, people did need to set up the papers etc but at this point its not sure whether or not they actually knew they were fraud documents to set him up to make billions. Lets hope in the coming months (and most likely years) we can expose the whole fraud. I am sure that people setting up the documents knew full well what was going on. And I am sure their pockets were lined in the process.

    March 10, 2009 at 11:25 pm |
  4. Pat

    This man is vile. $65 billion stolen

    March 10, 2009 at 11:20 pm |
  5. Christine A Smith

    He scammed more then 50 Billion dollars and he is still not in jail?
    Do we have two justice systems, one for the poor and one for the rich?
    If this guy picked my pocket he would have been in jail instead he scammed more then 50 Billion Dollars and is under house arrest living in his 7m$ apartment. God, how he must be suffering!

    March 10, 2009 at 10:46 pm |
  6. Dani in Tucson

    Somehow i don't believe he is the one man that put us in dept...there are always more than just one person involved...

    March 10, 2009 at 10:20 pm |