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March 10th, 2009
05:02 PM ET

Madoff to plead guilty on 11 charges

CNNMoney.com

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/CRIME/03/09/madoff.ponzi.scheme.plea/art.madoff.jpg]

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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Filed under: Culprits of the Collapse • Economy • Finance • Raw Politics
soundoff (14 Responses)
  1. Christie C.

    Don't you think when Maddoff pleads guilty on Thursday and the Judge does not order him immediately to jail he can do what his other friend/investor did which was kill himself? That would be his easy out.

    March 10, 2009 at 8:50 pm |
  2. GG in Palo Alto

    Billions of taxpayer dollars have gone to AIG. AIG in turn has used that money to pay many of the same people listed on the Bernie Madoff client list, e.g., Merrill Lynch, Morgan Stanley, Bank of America, etc. etc. Would it be too much of a leap to assume the American taxpayer is also bailing out Bernie and those trusting souls (and banks) who turned over their money (and their clients' money) to him? In the more common usage of the word, "redistribution of wealth" tends to mean, taking from the rich and giving to the poor. I think we've got it backwards.

    March 10, 2009 at 8:43 pm |
  3. Stephen, Charlotte, NC

    Widows whose husbands invested with Madoff are having to sell their homes in many places across our country. Madoff's wife should not be allowed to retain any amount of stolen money. The widows should be paid back their initial principal investment from the $70 million Madoff wants the judge to let his wife retain. If the judge allows Madoff's wife to keep any number in the millions then crime in the U.S. most certainly does pay. Don't let her keep stolen money. Mrs. Madoff can always get a job as someone's maid.

    March 10, 2009 at 8:43 pm |
  4. Annie Kate

    So Madoff spends most of his life living off the millions of ill-gotten gains he swindled out of his victims. Now he goes to prison for the rest of his life at tax payer expense. So he doesn't have to worry about retirement and how to live through it like his victims do – somehow this doesn't seem like justice. I hope they recover enough that his victims have something to show for their investment principal.

    March 10, 2009 at 8:12 pm |
  5. Mari, Salt Lake City

    WHY is this man NOT in jail in New York City???

    WHY is this man still living in his posh penthouse??

    I get it.......... we have a justice system for the rich, and another for the rest of us!

    March 10, 2009 at 7:40 pm |
  6. JIM CALIFORNIA

    Madoff is very smart. By pleading guilty, he doesn't have to cooperate with the prosecution .He is 70 years old and a plea deal wouldn't do him any good. Either way he will die in prison. I am sure others were involved but they will never get caught.

    March 10, 2009 at 7:06 pm |
  7. Ritam

    Make him give all the money back to all the old folks who trusted him.
    He has to give it all back. It made me sick when I heard the story of the 90 year old man who has to work at the grocery store to get by. I think his name is Ian Theirman. Make Madoff give him back all his money, before he goes to jail, and I hope they thow away the key....

    March 10, 2009 at 6:59 pm |
  8. Barbara in Boston

    I have an idea that may bring some justice. Why not have victim impact hearings? Make Madoff sit there and listen to all the ruined charities and impoverished Americans tell him how his greed has ruined their dreams.

    March 10, 2009 at 6:46 pm |
  9. David Leduc

    He ruined a lot of lives. I hope they throw away the key.

    March 10, 2009 at 6:35 pm |
  10. Teresa

    re: " is expected to plead guilty on Thursday to 11 criminal charges that could put him in jail for the rest of his life." ...just for ripping off one person for $1 million dollars I think he should be in prison for life.

    "COULD put him in prison..." incredible... outrageous.

    This guy is poison. Lock him up. I WISH he was eligible for the death penalty. He has destroyed peoples lives and made a mockery of all they've worked for. Time to start rounding up his accomplices.

    March 10, 2009 at 6:34 pm |
  11. milton smith

    He got 150 years while Canadian politicians pocket millions in front of the world and walk away with a t.v show for crying out loud. HA HA HA! Life is funny!

    March 10, 2009 at 6:14 pm |
  12. milton smith

    He got 150 years while Canadian politicians pocket millions in front of the world and walk away with a t.v show for crying out loud. HA HA HA! Life is funny!

    March 10, 2009 at 6:13 pm |
  13. Gilbert Martinez

    Madoff is not going to jail for the rest of his life. He will plead a deal in which his family of wolves will be allowed to keep the ill gotten gains and at most spend two years in a federal jail/vacation resort. Then the politicians, media demegogs, and those people with a six grade education can go back to blaming illegal imigrants for the desintegration of this great nation.

    March 10, 2009 at 5:53 pm |
  14. ,Barbara-Dalton Ga

    He should get jail time, he knew from the start that what he was doing
    was wrong. Most of his wealth should be taken and given to those
    that he cheated, even taken most of his wealth the man would be
    in better shape money wise than the average person. I would almost
    bet my next paycheck the man will get less time than I would if I were
    arrested for a couple of outstanding speeding tickets..

    March 10, 2009 at 5:30 pm |