Madoff to Enter Guilty Plea in Fraud Case

2009-03-12 03:17:15 (GMT) (WiredPRNews.com - Law, News)

Wired reports Bernard Madoff is set to plead guilty in fraud case

The former Nasdaq chairman is set to plead guilty on Thursday.

Wired PR News – Controversial ex-financier Bernard Madoff is expected to enter a guilty plea on fraud charges Thursday. As reported by the Associated Press (AP), the former Nasdaq chairman accused of carrying out a $64.8 billion fraud, may face a sentence of up to 150 years in prison.

Madoff has spent months under house arrest after reportedly making a confession about the fraud last December. Prosecutors charged him on Tuesday with 11 counts. For many the idea of a plea in the case is unsettling. Attorney Jerry Reisman is quoted as stating of the matter, “I will tell you my clients are outraged by his being able to escape with a guilty plea.”

As noted by the AP, U.S. District Judge Denny Chin expressed intentions on waiting to sentence Madoff in the event he pleads guilty, and imposing a limit on the number of investors wanting to speak at Thursday’s hearing to those opposing the plea. Chin is quoted as stating, “There is no plea bargain here. Those victims who objected to a plea bargain no longer have a reason to object.”