Wall Street fixer Madoff likely to plead guilty next week

March 7th, 2009 - 1:40 pm ICT by ANI  

New York, Mar 7 (ANI): Wall Street fund manager Bernard Madoff, who is accused of defrauding investors of 50 billion dollars in a massive Ponzi scheme, could plead guilty as early as next week.

Madoff, the high-profile money manager, is expected to plead guilty to federal charges at a hearing on Thursday; FOX News quoted a Justice Department official, as saying.

Victims could speak at the hearing, and there are thousands of them, according to a motion filed in federal court.

The motion filed by prosecutors Friday had hinted at a plea deal in one of the biggest financial fraud cases in history. The U.S. Attorney’’s office suggested in the brief court filing that the money manager is ready to waive an indictment, language that often is used when plea deals are near.

A guilty plea by Madoff would amount to an admission that the once respected Wall Street fixer masterminded one of the biggest financial scams in history.

Madoff almost certainly faces a lengthy prison sentence, although a plea bargain could affect prosecutors” treatment of his family and could influence the type of jail in which he is incarcerated.

The terms of the deal weren”t immediately clear, though Madoff is expected to face time behind bars given the severity of the case.

Without a plea deal, prosecutors would face a deadline of next Friday to bring an indictment against Madoff under the speedy-trials law. (ANI)

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