Bernard Madoff, accused mastermind of a $50 billion financial fraud, is expected to plead guilty on Thursday to 11 criminal charges that could put him in jail for the rest of his life.
He was charged in court papers with securities fraud, mail fraud, wire fraud, three counts of money laundering, false statements and perjury among other charges. U.S. prosecutor Marc Litt said there was no plea agreement with Madoff, accused of bilking thousands of investors worldwide over many years.
The prosecutor told U.S. District Judge Denny Chin at a hearing that Madoff could face up to 150 years in prison under federal sentencing guidelines. The judge said he would sentence Madoff in several months in the event of a guilty plea.
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