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Madoff to plead guilty, could face up to 150 years

(Agencies)
Updated: 2009-03-11 09:10

NEW YORK – In a courtroom surprise, it was revealed Tuesday that Bernard Madoff will plead guilty Thursday to securities fraud, perjury and other crimes, knowing that he could face up to 150 years in prison for one of the largest frauds in history.

Former financier Bernard Madoff exits Federal Court in Manhattan, New York on Tuesday, March 10, 2009.  [Agencies]

The revelation came as prosecutors unveiled an 11-count charging document against the 70-year-old former Nasdaq chairman, and as his lawyer, Ira Sorkin, told a judge that Madoff planned to plead guilty this week without a plea deal.

Madoff has been under house arrest in his US$7 million Manhattan penthouse since he was arrested in early December after authorities said he confessed to his family that he had carried out a US$50 billion fraud. In court documents filed Tuesday, prosecutors raised the size of the fraud to US$64.8 billion, an amount recounted in apparently false statements from November 2008.

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Authorities reviewing the finances of Madoff's business say the actual loss was more likely much less and that higher numbers reflect false profits he promised investors. So far, authorities have located about US$1 billion for jilted investors.

Sorkin, prosecutors and US District Judge Denny Chin presaged the drama likely to unfold Thursday as Madoff, wearing a gray suitcoat over a black tie, sat quietly beside his lawyers.

Madoff, who wears a bulletproof vest, arrived at court more than three hours before the hearing as authorities tried to diminish the chance he would face a confrontation with investors. Several lawyers for investors showed up as spectators, but the courtroom was largely packed with members of the media.

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