Madoff to Plead Guilty; Charges Carry a Life Sentence

The New York Times is reporting:

Lawyers for the disgraced financier Bernard L. Madoff told a federal judge on Tuesday that Mr. Madoff was expected to plead guilty later this week to charges that will result in a life sentence.

“I gather it is the expectation that he will plead guilty” on Thursday, Judge Chin said, referring to Mr. Madoff.

“That’s a reasonable expectation.” Mr. Madoff ’s lawyer, Ira Lee Sorkin, replied. The prosecutor, Marc O. Litt, said that government had offered no plea deal to Mr. Madoff on the 11 counts.

“The information which the government filed contains 11 counts: securities fraud, investment advisory fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings to the S.E.C and theft from an employee benefit plan,” Mr. Litt said.

Here’s the complete article.