Bernard Madoff To Plead Guilty

by Darren

In a surprise move, Ira Sorkin, the attorney for Bernard Madoff says the disgraced investor will plead guilty to 11 counts against him. Madoff is facing 150 years in prison if he’s convicted of all charges. Madoff has been under house arrest since December 2008, when he confessed he was operating the world’s largest Ponzi Scheme.

At that time Madoff told his sons that he had engineered a $50 billion fraud. Now prosecutors have upped the amount to $64.8 billion. The actual amount of money stolen is unknown. Investigators are using numbers that include probably false profits that Madoff included in his documents.

So far investigators have only recovered $1 billion.

Assistant U.S. Attorney Marc Litt said that there was no plea agreement with Madoff and that the sentence could be 150 years.

Madoff is expected to plead guilty on Thursday.