Madoff ‘to plead guilty’ over $50bn fraud
Wednesday 11th March 2009, 10:22AM GMT.
Bernard Madoff could face up to 150 years in jail if as expected he pleads guilty to 11 criminal charges over what is alleged to be the largest financial fraud in history.
The American financier is accused of running a Ponzi scheme worth $50 billion that lasted for “at least” the entirety of the 1980s according to prosecutors.
“The charges reflect an extraordinary array of crimes committed by Bernard Madoff for over 20 years,” said Acting US attorney Lev Dassin.
“While the alleged crimes are not novel, the size and scope of Mr Madoff’s fraud are unprecedented.”
Mr Madoff, who was arrested in December, is a former Nasdaq chairman and money manager.
The 70-year-old has been charged with a range of offences including money laundering, perjury and fraud.
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