Bernard L. Madoff Pleads Guilty
Bernard L. Madoff pled guilty to the entire eleven count information today in Manhattan federal court . Judge Chin-after advisng Madoff of his rights- advised him of the nature of each of the eleven counts contained in the information. The prosecutor then stated the elements of each count in the eleven count information. Judge Chin then advised Madoff of the maximum sentence for each count. Madoff then read a statement that basically outlined how he ran the Ponzi Scheme. The Goverment then summarized what they believed the proof would have shown at trial. Madoff pled guilty to each of the eleven counts of the information. Judge Chin then accepted Madoff’s plea of guilty to each count over the objections of several victims who were allowed to voice their opinions at the plea allocution. Judge Chin then announced that Madoff would be sentenced on June 16, 2009 at 1:30 PM to allow time for the completion of a pre-sentence investigation. The prosecutor requested Madoff be remanded pending sentencing. Judge Chin- over the argument of Madoff’s attorney - remanded Madoff pending sentencing. Madoff’s legal counsel will likely appeal Judge Chin’s decision to remand Madoff pending sentencing. Madoff -who is 70 years old- faces a prison sentence of up to 150 years.
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