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Madoff Attorney: Guilty Plea Likely on Thursday

Ira Sorkin, attorney for Bernie Madoff, alleged multibillion-dollar Ponzi schemer, said there is a "fair expectation" that his client will plead guilty Thursday to swindling investors, although a judge said he would not be sentenced that day.

The government is seeking $170.8 billion in forfeiture from Madoff, or more than three times what he confessed to stealing.

A judge ruled today that Sorkin can continue to represent Madoff despite several conflicts of interest with his client.

Madoff, 70, faces a potential sentence of up to 150 years on 11 charges. In December, the investment manager and former head of Nasdaq told authorities that his fund was nothing more than a huge Ponzi scheme and that he bilked investors out of as much as $50 billion, though federal authorities now investigating the case think the number could be less than half that.

Madoff will agree to plead guilty to one count each of securities fraud, investment advisory fraud, mail fraud, wire fraud, perjury, falsifying a filing with the Securities and Exchange Commission, stealing from an employee benefit plan, making false statements and three counts of money laundering. He could be sentenced to a maximum of 150 years, said Assistant U.S. Attorney Marc Litt.

Madoff waived his right to have a grand jury review the allegations against him.

A government-appointed trustee has recovered about $900 million of what Madoff allegedly took from them.

-- Frank Ahrens and Tomoeh Murakami Tse
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By Frank Ahrens  |  March 10, 2009; 3:48 PM ET
Categories:  The Ticker  | Tags: Bernie Madoff  
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Comments

It's a shame that he doesn't have a 150 years of life to serve such a sentence.

Posted by: johnbowers | March 10, 2009 6:03 PM | Report abuse

What's the difference between Bernie Madeoff and Charlie Manson? Answer: Charlie Manson had a greater sense of decency.

Posted by: copocabana | March 10, 2009 6:23 PM | Report abuse

So Madoff at age 72 will plead Guilty to a max of 150 years, and Sentencing will be at a later date??? Good thing he did'nt hurt anybody

Posted by: Rogbo64 | March 10, 2009 6:23 PM | Report abuse

What's the difference between Bernie Madeoff and Charlie Manson? Answer: Charlie is more handsome.

Posted by: copocabana | March 10, 2009 6:26 PM | Report abuse

Over heard the following conversation... if they don't put Madoff in jail, the goyim will start to burn down synagogues.

Posted by: whocares666 | March 10, 2009 6:31 PM | Report abuse

Madoff will be sentenced to a stiff term.LOL! A show is now needed to pacify the mindless masses.But alas, justice in america is a joke .Because he is a wealthy jew "connected with Israel " he will only serve 18 months in a country club prison.Then he will live the life of a king on the cash he stole from others.

Posted by: jellyhouse56 | March 10, 2009 6:37 PM | Report abuse

I still don't understand why he is allowed on house arrest, and how/why his wife is trying to claim that a bunch of the money he stole is hers and she bears no responsibility. His bail may be very high, but why didn't the US Attorney's office do what they normally do with drug dealers and alleged fraudsters and swindlers -- determinate whether or not the bail money provided was obtained through the crime charged? If I embezzled money, let's say $100K, from my employer or customers, I tend to doubt I'd be on house arrest unless I could prove my bail money was legitimately mine, and not illegally obtained. And in a multi-million dollar "apartment" in New York? This is just ridiculous.

As far as posters commenting on the difference between Madoff and Manson? Other than the fact that Bernie is Jewish and Charlie has a swastika tattooed on his forehead, I see very little difference. Charlie may have "ordered" his "followers" to murder 8 people and assault various others. Bernie ruined the lives of hundreds or thousands, although they themselves bear a lot of responsibility for blindly trusting someone with their "fortunes" based on a reputation that was built 40 years ago, and had been corrupted probably 20+ years ago.

He needs to do life (which could be anywhere from 2-15 years at his age), and every single asset he and his (insert the appropriate cuss word here) wife have. I hope he dies in prison (likely), and she ends up pushing a stolen grocery cart around New York begging for money. And that same sentiment goes for any of his children that were AT ALL involved in this scam. I'm kinda against the current welfare system, but I'd love to read sometime in the near future that all of them are being denied food stamps.

Posted by: milano99_99 | March 10, 2009 6:52 PM | Report abuse

I feel sorry for the guy. He just wanted to make a buck off the gullible, which is no different than every other bailout recipient in business today.

I say do the Christian thing and let him walk.

Posted by: Dawny_Chambers | March 10, 2009 6:56 PM | Report abuse

If a young African American teen robbed a 7-11 of $75.00 He would probably received a a$$ kicking from the cops and stretch at Jessup. Bernie wants to keep it all and be sentence to a Federal country club type institution.

Posted by: mpg515 | March 10, 2009 7:12 PM | Report abuse

mpg515,

At the ~$50 billion level, he won't get the minimum-security country club setting. He'll get medium-security if he's lucky, but I tend to think he'll get Leavenworth.

Posted by: milano99_99 | March 10, 2009 7:23 PM | Report abuse

Oh please!

You know as well as we do that he'll never get 150 years. I doubt he'll even get one-tenth of that! His lawyers will get him a sweetheart plea bargain, and people will talk about all the good he's done for humanity and the Jewish community (before this current blemish) and he'll get most of it suspended.

He may lose his license to deal securities, but he'll retire with his remaining fortune to his palm-shaded $23 million Palm Beach mansion (looking west on the water at the intersection of Kawama Lane and N Lake Way--see Google Earth) and he'll continue to live the high life.

PS: His shady brother Peter lives in PB too. Third house in from the water on Algoma Rd. Gray roof, parque driveway. It's just 4 blocks north of Trump's Mar-a-Lago mansion.

The law? Ha! The law is for everyone else, the little people!

Posted by: gce1356 | March 10, 2009 7:28 PM | Report abuse

Why is it that when it was learned Madoff had caused $50 Billion disappear, it was appropriately called fraud and swindle - but when Treasury Dept. officials made $1.9 Trillion disappear, it’s called “Trade Secrets”, and thus they aren’t being forced to account for where it went?

Posted by: venusvictrix | March 10, 2009 7:28 PM | Report abuse

Oh, he won't get Levenworth. Levenworth is an absolute hell hole of all hell holes. Beyond Kafka. Beyond Gitmo. Beyond ANYTHING any humans ever devised.The worst of the worst of the worst.

Posted by: cms1 | March 10, 2009 7:33 PM | Report abuse

I will share the rent of my $1500 per month townhouse with Bernie's wife. She can have her own bedroom and bath, and the left half of the refrigerator and freezer. That's all a person really needs, and all a felon's wife who has danced on trunks of other people's money most of her life deserves.

Uh, she can also share chores.

Posted by: mcleangirl | March 10, 2009 7:39 PM | Report abuse

A month or two before Madoff finally revealed he's been scheming --- not legally as in stock trading but illegally as in ponzi scheming -- the wife withdrew close to $20 millions.

They have several multi-million dollar properties in HER name, and in their kids names.

But those were not illegally gotten?

They were not part of Madoff's $50 Billion ponzi scheming?

Such logic makes me laugh so hard, I have tears running down my cheeks. Can people, lawyers from both sides, actually say and believe such nonsense?

If Madoff and family members did not benefit from such schemes --- and if countless of their gotten investors, some in their 80's and 90's having to go back to bag grocery to pay for the rent and medication --- does that mean roughly $50 Billion just upped and disappeared into thin air? LOL

Posted by: HerLao | March 10, 2009 7:40 PM | Report abuse

And of course nothing at all happens to the 'watchdogs' at the SEC who ignored and discarded all the whistleblower memos and letters they received over an eight-year period. No, in fact people like loyal Bushie Chris Cox, the former SEC chair, are still in line for their own taxpayer bailout known as a government pension. How about a few decades in jail and a few billion in fines instead for him and his colleagues?

Posted by: hairguy01 | March 10, 2009 7:44 PM | Report abuse

Its a done deal.Madoff will plead guilty and recieve a stiff sentence.This of course will all be for public show.In under 18 months of a minimum security country club prison he will be released quietly.His release wont be announced until he is out if the country.Then he and his family will relocate to Israel with his stolen wealth intact.

Posted by: jellyhouse56 | March 10, 2009 8:14 PM | Report abuse

How this guy continues to thumb his nose at all the people he stole money from substantiates the fact that the government i.e. The SEC knew the whole time what he was doing. He will not serve any time in jail because in this country one hand washes the other. His wife and sons are up to their ears in this as well. They should all be taken out and put in stocks and let the people who's lives they destroyed extract their own judgement on them. This country is out of control and the people who are in control make the rules. This is no longer a government of the people but of the wealthy and the lobbyists they control. One day the common people will wake up and take control back. Not in our lifetime though.

Posted by: vasacrew | March 10, 2009 8:33 PM | Report abuse

I think that the taking of life, from one or many, is quite different from the taking of money and is reprehensible. To equate the two is wrong and no one should consider the two wrongs as equal or even approaching equal. With life, even without or with less money, there is family, happiness, love, the opportunity to recover, to do better. Without life, there is no chance for these things.

Posted by: aaronhorowitz | March 10, 2009 8:33 PM | Report abuse

I know he is a bad guy. But, he is one of millions who have stolen $30 Trillion, trillion with a T, guys, from Americans. He only bilked $2 Billion. Atleast he confessed. HIMSELF. Gave himself up. The other guys / gals are still hiding and laughing at what a stupid guy Madoff is. They are also mad at him for exposing this decades-old Ponzi scheme. So, I do not think he is that bad a guy. In fact, I think he is a good guy! And, should help get all the money back to people he 'stole' from.

Posted by: DShoes200 | March 10, 2009 8:34 PM | Report abuse

if this clown wougld of put this money in secured funds, he could of made a fortune being safe and honest. Madoff, the American DREAM.......

Posted by: sardony1 | March 10, 2009 8:37 PM | Report abuse

Your pushing it jellyhouse56.

A crook is a crook.

Do you describe ALL crooks by their religion?

I won't report you to be 'censored' but, don't be surprised if someone does.

Posted by: georgethornton1 | March 10, 2009 8:51 PM | Report abuse

The criminal charges against Mr. Madoff are all irrelevant. In case you didn't know, he's chosen to help settle another case. Well, partially. Read the judgement carefully then ponder upon it.
Madoff's 13000-level pyramid == 14000 leveled Gaza homes.
If it didn't make sense, read the closing statement from the presiding God
"People here scrambled to search for what's left of their money. People there scrambled to find what's left of their homes."
When I learned of the settlement, oh my God, I was shocked.

Posted by: scooterlibre | March 10, 2009 8:59 PM | Report abuse

If have no sympathy for anyone dealing directly with Madoff.

Giving an envelope with a nudge and wink at a social party or country club. Thats same as buying drugs or a prostitute. They should/had to know things were not completely on the up and up.

But, the second tiers and down.... the poor "rich" with a million or two, they got screwed.

Posted by: georgethornton1 | March 10, 2009 8:59 PM | Report abuse

Forget about "poor Bernie", tell me about what is going to happen to "little bro" Peter, who "wasn't flying together with Bernie"... what's going to happen to wife Ruth's $62 millions-just-to-scratch-surface-publicly-known, what's going to happen to niece and nephew, and to children "who didn't know notin' of dad's and uncle's adventures"?
But more importantly, how much of those loses I-am-going-to-pay? Can anybody make an extrapolation? An approximate/educated guess perhaps? A wild guess, maybe? Anybody?

Posted by: SouthStar | March 10, 2009 9:02 PM | Report abuse

A scoundrel and villain,
who goes about with a corrupt mouth,
who winks with his eye,
signals with his feet
and motions with his fingers,
who plots evil with deceit in his heart—
he always stirs up dissension.
Therefore disaster will overtake him in an instant;
he will suddenly be destroyed—without remedy.

Proverbs 6: 12-15


.

Posted by: edarem | March 10, 2009 9:04 PM | Report abuse

When your Dad loses his job, you go without for awhile. Bernie's going to jail, his money should be gone, and mom's and kids' and all other relatives who relied on Bernie's handouts.

Posted by: mcleangirl | March 10, 2009 9:20 PM | Report abuse

scooterlibre:
WTF does Madoff have to do with Gaza?

Posted by: georgethornton1 | March 10, 2009 9:44 PM | Report abuse

John Gotti, Jack the Ripper, Adolf Hitler, Ken Lay, Bernie Madoff -- permanent members of the Hall of Shame whose actions ruined the lives of many innocent people. Couldn't believe that a couple posters here have tried to rationalize or diminish the harm Bernie has inflicted on his fellow man. All least Jack the Ripper had the insanity excuse, Bernie was a coldly sober greed monger.

Posted by: ospreytom | March 10, 2009 9:45 PM | Report abuse

Well I doubt it that only one person can steal that much of money

Posted by: IMRAN44 | March 10, 2009 10:15 PM | Report abuse

Where did the wife's alleged money and assets end up that she claims is separate from Bernie's bad behavior?

Posted by: wesatch | March 10, 2009 10:39 PM | Report abuse

He should die behind bars -- of old age or by hanging himself with his own underwear out of shame -- after a looooong prison sentence. And his cellblock neighbours should include John Thain, Angelo Mozilo, Hank Paulson and hundreds of other top bank maggots who destroyed the American economy. THEY'RE WHY YOU'RE SOON GOING TO BE UNEMPLOYED, HOMELESS AND STARVING, AMERICANS!

It would be nice to think that George Bush, Dick Cheney, John Yoo and a raft of other top Bush Crime Family officials would be there with them. But that's too optimistic a thought. But however many get prison time, give 'em a lot of jockey shorts. With leg holes big enough to fit their heads through...

Posted by: Bukkonen | March 10, 2009 10:49 PM | Report abuse

don't you just hate it when those darn jews pull their typical schtick, stealing money and swindling the poor folk out there just tryin to get inta heaven? right guys? this is america! hey, you know who they remind me of? nazis. f those nazi jews.

and washington DC's "progressive" (scary)

Posted by: batigol85 | March 10, 2009 10:49 PM | Report abuse

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