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Madoff 'expected to plead guilty' Madoff 'expected to plead guilty'
(about 1 hour later)
Disgraced US financier Bernard Madoff is expected to plead guilty to orchestrating a $50bn (£35bn) fraud, his lawyer has said. Disgraced US financier Bernard Madoff is expected to plead guilty to orchestrating a $50bn (£35bn) fraud later this week, his lawyer has said.
Ira Lee Sorkin told a US District Court in Manhattan that there was a "fair expectation" Mr Madoff would plead guilty to 11 counts of fraud. Ira Lee Sorkin told a Manhattan court there was a "fair expectation" Mr Madoff would plead guilty to 11 counts of fraud on Thursday.
Mr Madoff was arrested in December and faces a court hearing on Thursday. Prosecutors are seeking a jail sentence of 150 years for Mr Madoff, who is 70.
He is accused of running a Ponzi scheme - a system whereby early investors are paid off with the money of new clients. He is accused of running a Ponzi scheme in which early investors are paid off with the money of new clients.
Mr Madoff was in court so a judge could assess possible conflicts of interest for his lawyer. Mr Madoff, who was arrested in December, was in court so a judge could assess possible conflicts of interest for his lawyer.
He chose to waive the issues, saying he was satisfied with his representation.He chose to waive the issues, saying he was satisfied with his representation.
No plea agreement
He was charged in court papers with securities fraud, mail fraud, wire fraud, three counts of money laundering, false statements and perjury among other charges.
WHAT IS A PONZI SCHEME? A fraudulent investment scheme paying investors from money paid in by other investors rather than real profitsNamed after Charles Ponzi who notoriously used the technique in the United States in the 1920s Differs from pyramid selling in that individuals all tend to invest with the same person Madoff relied on 'irrational euphoria'
US prosecutor Marc Litt said there was no plea agreement with Mr Madoff.
Judge Denny Chin said he would sentence Mr Madoff in several months in the event of a guilty plea.
The accused is being kept under house arrest in his luxury Manhattan apartment, on bail of $10m.
Many investors have been arguing for Mr Madoff to be sent to jail while awaiting trial.