Madoff To Plead Guilty To 11 Counts, Faces Up To 150 Years In Prison

PROSECUTORS: MADOFF'S FRAUD WAS EVEN BIGGER: $64.8 BILLION

NEW YORK — In a courtroom surprise, it was revealed Tuesday that Bernard Madoff will plead guilty Thursday to securities fraud, perjury and other crimes, knowing that he could face up to 150 years in prison for one of the largest frauds in history. The revelation came as prosecutors unveiled an 11-count charging document against the 70-year-old former Nasdaq chairman, and as his lawyer, Ira Sorkin, told a judge that Madoff planned to plead guilty this week without a plea deal.
Madoff has been under house arrest in his $7 million Manhattan penthouse since he was arrested in early December after authorities said he confessed to his family that he had carried out a $50 billion fraud. In court documents filed Tuesday, prosecutors raised the size of the fraud to $64.8 billion, an amount recounted in apparently false statements from November 2008.
Authorities reviewing the finances of Madoff's business say the actual loss was more likely much less and that higher numbers reflect false profits he promised investors. So far, authorities have located about $1 billion for jilted investors. LinkHere