Madoff faces 150-year sentence after guilty plea

Hindustan Times – Bernard Madoff, whose $50-billion fraud devastated individual and institutional investors worldwide, could spend the rest of his life in prison after pleading guilty later this week.
 
In a court hearing Tuesday, defence lawyer Ira Sorkin said that Madoff would plead guilty Thursday in federal court in New York. The news confirmed recent reports that Madoff was expected to enter a guilty plea.
 
At the hearing, Assistant US Attorney Marc Litt said that Madoff faces 11 criminal counts including securities fraud, mail fraud, wire fraud, three counts of money laundering and filing false statements with the Securities and Exchange Commission (SEC).
 
Litt said that Madoff faces up to 150 years in prison on the charges under federal sentencing guidelines, The Wall Street Journal reported online.

Read Complete Article

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Comments are closed.