Bernard Madoff Expected to Plead Guilty to Fraud Charges

The lawyer representing disgraced financier Bernard Madoff told a Manhattan court that there was a “fair expectation” that his client would be pleading guilty to 11 counts of fraud related to a $50 billion “ponzi scheme.”

Madoff is due in court on Thursday at which time he will answer to charges of securities fraud, mail fraud, wire fraud, three counts of money laundering and several other charges. If Madoff pleads guilty a sentence is expected to be handed down within a few months.

Earlier on Tuesday there had been talk of a plea deal but prosecutor Marc Litt dismissed those rumors and now Madoff will likely be facing a jail sentence of 150 years. Madoff remains under house arrest in his Manhattan apartment.

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