Tuesday, March 10, 2009
Madoff Charged In 11 Count Information; Indends To Plead Guilty
Bernard L. Madoff, 70, of New York City, in his capacity as sole principal of Bernard L. Madoff Investment Securities LLC, has been charged in an 11 felony fraud count information today with securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the SEC, and theft from an employee benefit plan related to his alleged defrauding of investors out of as much as $50 billion. There is no plea agreement at this time, according to federal prosecutors. If convicted on all counts, Madoff could be sentenced to as much as 150 years in prison, plus restitution and fines. The information alleged that his fraud commenced since at least the 1980s. According to the complaint, the November statements sent out by the firm to clients indicated a total of $64.8 billion in assets, whereas in fact, it only had a small fraction of that amount. His attorney indicated today that he will plead guilty to all 11 counts.
Read the DOJ's announcement here.