Bernard Madoff plans to plead guilty tomorrow to 11 criminal charges. His lawyer, Ira Sorkin, revealed this information at a hearing Tuesday before U.S. District Judge Denny Chin. He faces 150 years in prison on the charges.
The charges against Madoff, filed in a criminal information yesterday (click here to read the document), include securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the SEC and theft from an employee benefit plan, Bloomberg reports. Madoff’s lawyer said he disagreed with the amount of loss alleged by the government, arguing that some victims received more in returns than they invested with Madoff.
Judge Chin said at yesterday’s hearing that there will be only two issues at Madoff’s plea hearing scheduled for March 12: “whether the judge will accept a guilty plea and whether Madoff will be sent to prison that day.”