Friday, March 6, 2009

As Indictment Deadline Nears, Madoff May Plead Guilty To Frauds

Bernie Madoff is expected to plead guilty in the fraud case being put together against him by authorities. Instead of being formally indicted, reports indicate he is preparing a plea agreement with the prosecutors before the March 13th deadline. The court appointed trustee overseeing the liquidation of Madoff's assets, Irving Picard of the law firm Baker & Hostetler, says that he has recieved about 4,300 claims and only $1 billion has been recovered to date. Meanwhile, estimates of losses have been downgraded to perhaps $17 billion, according to reports.

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