Madoff to plead guilty, lawyer tells court

I'd love to have the opportunity to wipe that smirk off his face. The best sentence is to let him be a free man and walk the streets of New York. How long do you think he would live?-Lou

Madoff to plead guilty, lawyer tells court

Architect of alleged $50 billion scheme faces up to 150 years in prison

SAN FRANCISCO (MarketWatch) -- Bernard Madoff is expected to plead guilty to multiple criminal charges and faces up to 150 years in prison for allegedly masterminding a $50 billion Ponzi scheme, his lawyer and federal prosecutors said Tuesday.

Madoff was charged with 11 felony charges including securities fraud, money laundering, false statements, perjury and theft from an employee benefit plan, prosecutors said in a statement.

"It is anticipated that he will plead guilty on Thursday," Ira Sorkin, Madoff's lawyer, said in an interview Tuesday. "I have no comment beyond that."

The charges carry a maximum sentence of 150 years, prosecutors noted.

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