Madoff Pleads Guilty to Eleven-Count Criminal Information and Is Remanded Into Custody wire reports

NEW YORK — Bernard L. Madoff pleaded guilty in Manhattan federal court to 11 felony counts related to a massive Ponzi scheme.

Madoff pleaded guilty before U.S. District Judge Denny Chin to securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the U.S. Securities and Exchange Commission, and theft from an employee benefit plan.

Madoff, 70, faces a maximum sentence of 150 years in prison. He is also subject to mandatory restitution and faces criminal fines up to twice the gross gain or loss derived from the offense.

Additionally, the criminal information to which Madoff pleaded guilty includes forfeiture allegations that would require Madoff to forfeit the proceeds of the charged crimes, as well as all property involved in the money laundering offenses and all property traceable to such property. The statutory maximum sentences for each of the charged offenses are set forth in an attached chart.

“Today is one step in an ongoing investigation,” said Lev L. Dassin, the Acting U.S. Attorney for the Southern District of New York. “While we do not agree with all the assertions made by Mr. Madoff today, his admissions certainly establish his guilt. We are continuing to investigate the fraud and will bring additional charges against anyone, including Madoff, as warranted.

“Despite speculation to the contrary, there is no agreement whatsoever, public or otherwise, between the Government and Mr. Madoff about his plea, his sentence, or the filing of additional charges against him or anyone else,” Dassin added.

About the author

Express Telegraph

Express-Telegraph is a news outlet for the 21st century. Based in Metro Atlanta, the outlet focuses on news, politics and sports centered on The Peach State. Get on board the Express.