Lawyer Says Madoff Will Plead Guilty to 11 Counts

[Hissyspit]

Source: Associated Press

Lawyer says Madoff will plead guilty to 11 counts

By LARRY NEUMEISTER and TOM HAYS, Associated Press Writers – 14 mins ago

AP – Bernard Madoff arrives at Manhattan federal court for a hearing to discuss potential conflicts of interest …
NEW YORK – 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.

Read more: http://news.yahoo.com/s/ap/20090310/ap_on_bi_ge/madoff_scandal

[MannyGoldstein]

1. His Life Is Over

But this won't do much for his many victims, particularly those in need of the services provided by the charities he stole from.

Very sad.

[Vinnie From Indy]

2. I hope to God that the prosecutors go after all that benefited from his epic scam

If they made a deal that allows his wife or sons or anyone that benefited from Bernie's crimes, it will still suck.

[hugo_from_TN]

5. Everybody that invested benefited from the scam

They all made handsome yearly profits until the whole scheme collapsed. All of the victims are also benefactors.

[undeterred]

3. I hope he will have enough years left to think about what he did.

[wackywaggin]

4. Hang em'High!!

Thousands of innocent people him, his family and his associates have caused both hardship on which many times may have led to untimely death.

[Rage for Order]

31. Really? When did this happen?

Considering Madoff just revealed his crimes in December, I'm guessing there haven't been very many people, let alone "thousands", who have died as a result of Madoff's crimes. His investors were still getting funds from Madoff until as recently as a few months ago.

Of course, going forward I have no doubt that his crimes will cause harm to a large number of people, but to say that people have probably died already is a bit over the top.

[aquart]

6. I hope they accepted nothing until he forked over every thin dime.

I don't want them to leave him or his family with so much as a copper penny. Take it all.

[UpInArms]

7. Madoff formally charged; lawyer says he'll plead guilty

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) -- Bernard Madoff was charged with multiple counts of fraud and money laundering, along with several other criminal charges including false statements, perjury and theft, federal prosecutors said Tuesday. His laywer, Ira Lee Sorkin, told a federal judge his client is expected to plead guilty in a Thursday court appearance, The Wall Street Journal reported. There's no plea agreement between the government and Madoff, prosecutors said. If found guilty on all counts, Madoff faces up to 150 years in prison, they said in a written statement.

Read more: http://www.marketwatch.com/news/story/us-lodges-formal-madoff-charges/story.aspx?guid=%7B0D41EBA0%2D9814%2D4758%2D9C7B%2DA856C8779B48%7D&siteid=bnbh

[Frisbee]

8. Anybody else expecting...

a sudden heart-attack or something similar, ala Kenny-boy?

[Grateful for Hope]

9. It did cross my mind

We will see.

[schlarmie]

10. What does Bernie Madoff Care?

What does Bernie Madoff Care?
OH, NO, NO, NO, NO, NO.
Only accpetable conclusion of this nightmare:
BERNIE MADOFF GOES TO A FEDERAL PRISON WITH LOTS AND LOTS OF ROOMATES BEREFT OF VASOLENE! OR, HE LIVES DOWN BY THE RIVER IN THE FLORIDA EVERGLADES WITH THE SNAKES AND GATORS, IN A VAN. OR, HE LIVES ON THE STREET UNDER A BRIDGE WITH THE HOMELESS-TYPES HE'S HELPED CREATE. NO, NO, NO, THE FUCKER, AND HIS SPOUSE, SPAWN, AND COLLABOATORS, LIVE AS PAUPERS, CLEANING TOILETS IN THE BIGGEST SHIT HOLE IN THE WORLD.
YES, I AM PISSED!!!!!!!!!!!!!!!!!!! AND MAKE NO APOLOGIES FOR MY LOSS OF CONTROL

[kpete]

11. Madoff to Plead Guilty Thursday

Source: Talk Left

Madoff to Plead Guilty Thursday
By Jeralyn, Section Crime in the News
Posted on Mon Mar 09, 2009 at 07:31:25 PM EST

Friday it was reported that Bernard Madoff had reached a plea deal with Government. He is expected to enter a guilty plea Thursday to whatever charges were agreed upon on.

Today, the Government asked the Court to notify potential victims of their right to seek to be heard at the plea hearing. So far, 78 e-mail responses were received, 25 indicating a wish to be heard.

Will they be heard? The relatively recent victims rights law allowing victims to be heard at hearings involving release on bail, plea, sentencing and parole (which, on Nov. 1, 1987, was abolished for offenses committed after that date) is 18 U.S.C. 3771.

According to the court's docket, a sealed document was placed in the court's vault on Friday. I assume that's the plea agreement.


The Court granted the Government's request for notice today, but in its order, it didn't say the victims would be heard. It only said they must notify the court if they want to be heard and then the court will decide if and how to allow it.


Read more: http://www.talkleft.com/story/2009/3/9/203125/4507

[pinniped]

12. This jerk will probably be confined to his penthouse for 2 years.

If he perpetuated his crimes in China, his organs would be donated by now.

[pam4water]

13. WTF there is no way they did a thorough investigation that fast. Not much seems to be

changing under the Obama justice department.

[customerserviceguy]

14. My theory is

he knows something about some criminal element that he's turning over evidence on, that will keep him on penthouse arrest, paying for his own security. I cannot imagine that he will spend a single day in a prison cell.

[Baby Snooks]

16. And my theory is...

Someone doesn't want this investigated any further and I suspect Bernie Madoff will receive a light sentence in return for his not ever publicly discussing the matter. And that will be the end of the criminal matter.

The investors will get something from the SEC fraud fund and then divvy up whatever assets remain. And that will be the end of the civil matter.

Time will tell what will happen to Allen Stanford although most expect it will follow the example of Enron. The lesser executives will be offered plea agreements to testify against Allen Stanford the way Andy Fastow was offered a plea agreement to testify against Ken Lay and Jeff Skilling. And Allen Stanford will be hung out to dry the way Ken Lay and Jeff Skilling were. Completely discredited just in case they decided to tell more than what anyone wanted known.

Reality is we live in a country where sometimes investigations and prosecutions are dangerous to some. So the justice system is used to make sure no one finds out what really happened.

[Tandalayo_Scheisskopf]

20. If that turns out to be true...

Then Patrick Byrne will go from perceived crank to the smartest man in the US. In scant moments.

[alfredo]

24. Sentencing will be months away, so I guess that is to give time for him to

name names, and for the government to verify his assertions. You know, someone at the SEC protected him. They knew what he was doing but did nothing to stop him until recently.

[customerserviceguy]

26. I figure

he's seen this day coming for many years, and he's collected some names to parcel out along the way. On the radio news today, I heard that one of the charges was "money laundering", you don't have that with Jewish charities.

He's going to have enough names to slowly squeeze out until he dies from a soon-to-happen premature death. I figure the reason he finally gave up the game was one of those "you have a year left to live" diagnoses.

[alfredo]

27. It could influence his sentence if he gives up some big names. Maybe

a chance at parole after a few years, or maybe being sent to some Club Fed instead of a nasty lock up in some hell hole of a place.

[customerserviceguy]

28. The problem with Club Fed

is that he'd stand a greater chance of being killed by a fellow inmate who might well be paid off by powerful forces that have a heavy axe to grind with Bernie Madoff right now. I think Federal authorities have been figuring this out, and that's one of the principal reasons they've allowed him to pay for his own security right now. At the point where he's sentenced and actually taken into custody, it becomes their expensive problem.

[alfredo]

29. If you can't do the time, don't do the crime. He knew he could go to prison

for what he did. If he gets killed in prison, it was because he put himself into that situation.

[customerserviceguy]

30. I agree

and it will likely happen unless he's put in solitary, with corrections officers that are beyond being bribed.

Most prison administrators would not want it to happen on their watch, however.

[alfredo]

33. I'm sure few will press the issue if he does fall.

[Lasher]

15. Madoff must be getting a real sweet deal.

Otherwise he surely would have employed the Ken Lay defense.

[gratuitous]

17. Pawing through the chicken entrails

Madoff pleads guilty, is allowed to remain free while his appeal wends its way through the courts (I know, an appeal from a plea deal?) and will receive credit for time served (but he's not in jail!) when the final appeal is adjudicated at last, and he will walk out his front door a free man in 2017.

I feel like I should be wearing Johnny Carson's Carnak the Magnificent turban.

[peacetalksforall]

18. What could he possibly know that is worth his freedom or is that inconsequential?

What makes him so precious that he goes free?
What could make him so precrious?

I don't think I'm getting it. Is a plea and appeal? Are they sequential? Are they predicated or dependent on each other?

He stole $50 billion or was it more?

I say the debt of $50 billion of the littlest and poorest of citizen debtors should be erased. Wiped free.

There is no equality in the United States of America.

And this is beginning to sound like no transparency. Looks like a BIG BLACK CURTAIN.

[customerserviceguy]

32. He's pleading guilty to money laundering

Taking investment funds from well off people and Jewish charities doesn't involve that. My guess is that he's going to spill on some folks who would rather see him dead before he can talk.

[Thothmes]

23. On what grounds would he appeal his admission of guilt

in the Federal case?

[gratuitous]

25. See, it was sort of a joke . . .

Ah, nevermind.

[Frank Booth]

19. Let me guess.

Six months of house arrest. Credit for time served.

[Bake]

21. If he gets off lightly, I'll be surprised if somebody he defrauded doesn't cap his ass.

For real.

Bake

[goclark]

22. Can Medea go to jail to "visit" with him?