I think it's safe to say Bernie Madoff will probably not make his first parole hearing.
The Associated Press reports that Madoff has agreed to plead guilty to 11 counts of money laundering, perjury, and other financial crimes, carrying a maximum sentence of 150 years in prison.
Bernard Madoff's lawyer has told a judge his client will plead guilty later this week to 11 counts including money laundering, perjury and securities, mail and wire fraud.
Prosecutors say the disgraced money manager will face up to 150 years in prison on the charges.
The details of the criminal case emerged at a hearing Tuesday in a lower Manhattan courthouse to resolve several potential conflicts of interest between Madoff and his lawyer, Ira Sorkin.
Sorkin and his family invested more than $900,000 with Madoff. After questioning Madoff, the judge ruled that Sorkin may continue representing Madoff.
Asked by the judge if Madoff would plead guilty Thursday, Sorkin said: "I think that's a fair expectation."
According to a prosecutor in the case, there will be no plea agreement for a reduced sentence.
The full set of charges against Madoff:
1 count of securities fraud
1 count of investment advisor fraud
1 count of mail fraud
1 count of wire fraud
3 counts of money laundering
1 count of making false statements
1 count of perjury
1 count false filings with the US Securities & Exchange Commission
1 count of theft from an employee benefit plan
As for sentencing, the Boston Globe reports that it may not happen for a little while.
[U.S. District Judge Denny] Chin said he will not sentence Madoff for several months after Thursday's proceedings.
He told prosecutors to limit the number of victims who will be allowed to speak in court to those who want to argue either that Chin not accept the plea, or go against what Chin plans to decide as to whether Madoff should remain free on bail after Thursday's hearing.
Chin also said anyone addressing the court will be limited in time and must conduct themselves in a "respectful and dignified manner."
Update: A really funny comment by Aqualad08, who responds to the claim that nobody, not even Bernie Madoff, could have $170 billion.
"I do....but I'm trying to get it under $250,000 so I don't have to pay more in taxes."
Cross-posted at Talking Points Memo