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Madoff Expected To Plead Guilty To 11 Criminal Charges
By
Jen Chung
Published Mar 10, 2009
Modified Mar 10, 2009
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By
Jen Chung
Published Mar 10, 2009
Modified Mar 10, 2009
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Billion-dollar Ponzi scheme operator Bernard Madoff headed downtown for a hearing about his lawyer this afternoon. In a nutshell, as the NY Times outlines them, the issues surrounding lawyer Ira Sorkin are: 1) He has represented accountants who were accused of investing with Madoff in the 1990s; 2) he and his family have invested with Madoff's "fund," and Sorkin's sons would be among the investors trying to get money back from Madoff; and 3) Sorkin had invested, through a retirement fund, less then $20,000 with Madoff, and that investment was liquidated over 10 years ago.
Prosecutors do not think the conflicts are serious enough for Madoff to dismiss Sorkin as his lawyer, but, the Times explains, "Former prosecutors said that the government was wise to seek the court’s resolution of the issues before moving forward with a plea bargain." Bloomberg News says that Madoff will appear before Judge Denny Chin at 3 p.m. Madoff, 70, is expected to enter a guilty plea this Thursday.
In other Madoff legal news, his wife Ruth will retain her own lawyer. She had been represented by her husband's legal counsel, but now needs her own since she's been named in civil lawsuits as well.
Update: Sorkin said that it's likely Madoff will plead guilty, but no deal is in place. And it looks like Madoff will be spending the rest of his years in prison—the charges would total to 150 years in prison.
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Bernard Madoff
fraud
ponzi scheme
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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