Madoff to plead; faces life in prison

NEW YORK (AP) — Bernard Madoff will plead guilty Thursday to 11 criminal counts including money laundering, perjury and securities, mail and wire fraud and will do so without a plea deal, knowing it carries a potential prison term of 150 years, lawyers said Tuesday in court.

Lawyers outlined the plea arrangement for the 70-year-old former Nasdaq chairman that was set to unfold later this week after Madoff waived several potential conflicts of interest between Madoff and his lawyer, Ira Sorkin.

Asked by the judge if Madoff would plead guilty Thursday, Sorkin said: “I think that’s a fair expectation.”

In papers filed after Tuesday’s proceeding, prosecutors outlined the case against Madoff, who quietly spoke in court, answering the questions of U.S. District Judge Denny Chin.

Prosecutors said in the papers that Madoff operated a massive Ponzi scheme in which his clients’ funds were misappropriated and converted to the use of Madoff, his business and others.

Chin said he will not sentence Madoff for several months after Thursday’s proceedings.

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