Thursday March 11, 2009
Navivest

Bernard Madoff is due in Federal court today and is expected to plead guilty to eleven felony charges that could eventually result in a sentence of 150 years in prison. He may also be facing some of the investors he is accused of bilking, which could be their only opportunity to confront Madoff, as if he pleads guilty, there won’t be a trial.

While he probably won’t utter much more than “guilty,” this would be the first time that Bernard Madoff will be speaking in public about the scandal.

U.S. District Judge Denny Chin said that, assuming Madoff goes forward with plans for a guilty plea, he will be giving Madoff’s clients an opportunity to challenge his conclusion whether to accept a guilty plea to securities fraud and perjury charges, among others, as well as letting Madoff’s clients challenge his decision as to whether Madoff should be allowed to await sentencing in his $7 million Manhattan penthouse or go to prison.

Madoff in his confession said, “it was a $50 billion ponzi scheme, but even prosecutors are questioning whether he ever took in that amount.

According to prosecutors, Madoff’s investment company reported a total balance of $64.8 billion in November, but the company did not have nearly that much in cash. It is assumed that Madoff’s $50 billion tally includes the fake profits that he claims to have generated over the years and so far, authorities have only been able to locate roughly $1 billion.

Tags: madoff ponzi scheme