Bernard Madoff faces life in prison, to plead guilty.
Bernard Madoff has confined himself is in his luxury New York
apartment after confessing his financial crime, and getting bail for 10 billion dollar.
He was arrested in last December for running a huge Wall Street fraud. Ponzi scheme, named after Charles Ponzi, who duped millions of investors through his innovative scheme in 1920s, Madoff took advantage of the same and deceived about 3 million people wrongfully.
Madoff is of Jewish origin, but was born and brought up in in New York City, united states. He is graduate in political science, discontinued his law course after one year of study. His wife is Ruth Alpern, and they have two sons; Mark and Andrew.
His victims include common people, major banks, and celebrities.
He has been charged on 11 counts including securities fraud, investment advisor fraud, mail fraud, wire fraud, and three counts of money launder. The total volume of the fraud is said to be
50 billion dollars, could be more, which will be known only after thorough investigations.
All 11 counts were disclosed in the hearing. His lawyer Ira Sorkin affirmed to the Judge Denny Chin when asked to Sorkin whether Madoff would plead guilty to all 11 counts of fraud. On his pleading submission the judge has granted him bail on an amount of 10 strict billion dollars. Since then he is staying in his posh apartment in New York.
According to the lawyers of victims, Madoff will lose the right for trial if he pleads guilty to all counts of charges. On his confession, the judge has not yet passed the order to take him into the custody again because the formality of entering his guilty plea in the system is not yet over. Judge Denny did confirm that sentence to Madoff will not occur immediately, and may take several months. The judge will decide whether Madoff will be allowed to be on bail during this period - to be taken into the custody - or will be kept under house arrest, once the guilty plea formally enters the system. Judge also said the victims of Madoff’s fraud will be given the right to speak on Thursday’s hearing.
Bernard Madoff is 70 years of age. The lawyers predict that on his guilty plea he is to get 150 years of jail sentence meaning he will spend rest of his life in prison only.
Bernard Madoff faces life in prison, to plead guilty.
Bernard Madoff has confined himself is in his luxury New York apartment after confessing his financial crime, and getting bail for 10 billion dollar.
He was arrested in last December for running a huge Wall Street fraud. Ponzi scheme, named after Charles Ponzi, who duped millions of investors through his innovative scheme in 1920s, Madoff took advantage of the same and deceived about 3 million people wrongfully.
Madoff is of Jewish origin, but was born and brought up in in New York City, united states. He is graduate in political science, discontinued his law course after one year of study. His wife is Ruth Alpern, and they have two sons; Mark and Andrew.
His victims include common people, major banks, and celebrities.
He has been charged on 11 counts including securities fraud, investment advisor fraud, mail fraud, wire fraud, and three counts of money launder. The total volume of the fraud is said to be 50 billion dollars, could be more, which will be known only after thorough investigations.
All 11 counts were disclosed in the hearing. His lawyer Ira Sorkin affirmed to the Judge Denny Chin when asked to Sorkin whether Madoff would plead guilty to all 11 counts of fraud. On his pleading submission the judge has granted him bail on an amount of 10 strict billion dollars. Since then he is staying in his posh apartment in New York.
According to the lawyers of victims, Madoff will lose the right for trial if he pleads guilty to all counts of charges. On his confession, the judge has not yet passed the order to take him into the custody again because the formality of entering his guilty plea in the system is not yet over. Judge Denny did confirm that sentence to Madoff will not occur immediately, and may take several months. The judge will decide whether Madoff will be allowed to be on bail during this period - to be taken into the custody - or will be kept under house arrest, once the guilty plea formally enters the system. Judge also said the victims of Madoff’s fraud will be given the right to speak on Thursday’s hearing.
Bernard Madoff is 70 years of age. The lawyers predict that on his guilty plea he is to get 150 years of jail sentence meaning he will spend rest of his life in prison only.