Bernard L. Madoff Charged with Eleven Felonies In Connection with Alleged Ponzi Scheme
Bernard L. Madoff appeared in Manhattan federal court today where he waived his attorney's conflict of interests and waived his right to have his case presented to a federal grand jury and consented to be charged in an eleven count felony information.
The first count of the information is securities fraud, which is punishable by up to 20 years in prison, 3 years of post release supervision, a fine equal to the greater of either five million dollars or twice the gross gain or loss from the crime and restitution.
The second count of the information is investment advisor fraud, which is punishable by up to 5 years in prison, 3 years of post release supervision, a fine equal to the greater of either two hundred fifty thousand dollars or twice the gross gain or loss from the crime and restitution.
The third count of the information is mail fraud, which is punishable by up to 20 years in prison, 3 years of post release supervision, a fine equal to the greater of either two hundred fifty thousand dollars or twice the gross gain or loss from the crime and restitution.
The fourth count of the information is wire fraud, which is punishable by up to 20 years in prison, 3 years of post release supervision, a fine equal to the greater of either two hundred fifty thousand dollars or twice the gross gain or loss from the crime and restitution.
The fifth count of the information is international money laundering to conceal and disguise proceeds of specified unlawful activity, which is punishable by up to 20 years in prison, 3 years of post release supervision, a fine equal to the greater of either five hundred thousand dollars or twice the gross gain or loss from the crime and restitution.
The sixth count of the information is money laundering which is punishable by up to 5 years in prison, 3 years post release supervision; a fine equal to the greater of either two hundred fifty thousand dollars or twice the gross value of monetary instruments or funds involved; and restitution.
The seventh count of the information is money laundering which is punishable by up to 10 years in prison, 3 years of post release supervision, a fine equal to the greater of either two hundred fifty thousand dollars or twice the gross gain or loss from the crime and restitution.
The eighth count of the information s false statements which is which is punishable by up to 5 years in prison, 3 years of post release supervision, a fine equal to the greater of either two hundred fifty thousand dollars or twice the gross gain or loss from the crime and restitution.
The ninth count of the information is perjury, which is punishable by up to 5 years in prison, 3 years of post release supervision, a fine equal to the greater of either two hundred fifty thousand dollars or twice the gross gain or loss from the crime and restitution.
The tenth count of the information is making a false filing with the SEC, which is punishable by up to 20 years in prison, 3 years of post release supervision, a fine equal to the greater of either five million dollars or twice the gross gain or loss from the crime and restitution.
The eleventh count of the information is theft form an employee benefit plan, which is punishable by up to 5 years in prison, 3 years of post release supervision, a fine equal to the greater of either two hundred fifty thousand dollars or twice the gross gain or loss from the crime and restitution.
Madoff faces up to a total of one hundred fifty years in a federal prison. A press release by the United States Department of Justice today regarding the filing of the informtion states that the investigation is ongoing and that the Government has not entered into any agreement with Madoff about his plea or sentencing. However, a plea proceeding is scheduled for Thursday at 10:00 am. It is being reported that Madoff is expected to plead guilty to the entire eleven count indictment. Madoff is presumed innocent unless and until proven guilty in a court of law.
