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Madoff: I will plead guilty to all charges
Hugo Duncan11 Mar 2009
Bernard Madoff faces spending the rest of his life in prison after agreeing to plead guilty to the biggest investment fraud in history.
The 70-year-old New York financier could be sentenced to a maximum of 150 years for the $64.8 billion swindle he allegedly masterminded. He could also be forced to forfeit $170billion in ill-gotten gains.
Mr Madoff is due in court tomorrow where his lawyer Ira Sorkin said there was "a fair expectation" he will plead guilty to 11 charges including fraud, money laundering and perjury. Among his alleged crimes, Mr Madoff is said to have funnelled at least $250million of his victims' money through his London office in Mayfair, partly to fund his lavish property purchases and lifestyle.
Prosecutors insisted that the prospect of a guilty plea would not offer protection to any possible accomplices. "The filing of these charges does not end the matter," said US Attorney Lev Dassin. "Our investigation is continuing."
Attention is now turning to family members, employees and associates, although none has been accused of any wrongdoing.
Mr Madoff's wife Ruth was regularly at his side as the couple mingled with wealthy investors and his younger brother Peter was chief compliance officer at his firm Bernard L Madoff Investment Securities. Sons Mark and Andrew also held senior trading positions but their lawyer has said they "had no knowledge whatsoever of the fraud".
Victims include Hollywood stars, City superwoman Nicola Horlick, and banks including HSBC, Barclays and Royal Bank of Scotland.
"The charges reflect an extraordinary array of crimes committed by Bernard Madoff for over 20 years," said Mr Dassin. "While the alleged crimes are not novel, the size and scope of Mr Madoff's fraud are unprecedented. As a result, Mr Madoff faces 150 years in prison."
Legal experts expect the actual sentence to be much lower, perhaps close to 20 years. Mr Dassin said: "The government has not entered into any agreement with Mr Madoff about his plea or sentencing."
Reader views (3)
Madoff is just typical - of his kind !
- Kathy Doyle, London, 12/03/2009 12:44
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Bet he does an 'Ernest Saunders' and is out in a few months on 'health grounds'. He'll be on his yacht in time for summer.
- Pablo, Tonbridge, 11/03/2009 17:45
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I hope all those family members who probably colluded and benefited over decades in this fraud are also prosecuted and jailed.
- Peter Noterfed, Paris, France, 11/03/2009 14:36
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