Bernie Madoff to Plead Guilty; Faces Up to 150 Year Sentence

Bernie Madoff's lawyer told a federal judge on Tuesday that Madoff intended to plead guilty on Thursday to all 11 criminal charges that federal prosecutors have filed against him, which could return a prison sentence of 150 years.

Bernie Madoff, 70, has been "suffering" under house arrest in his $7 million Manhattan penthouse since he was arrested in early December.

Asked by Judge Denny Chin if Madoff would plead guilty Thursday, attorney Ira Sorkin said: “I think that’s a fair expectation.” When asked if Madoff would plead guilty to all 11 counts, Sorkin answered, "Yes your honor.”

At least 25 Madoff investors have asked to speak Thursday. Judge Chin has already asserted that he would not sentence Madoff on Thursday.

Still, Lev L. Dassin, acting United States attorney in Manhattan, noted that prosecutors did not negotiate an plea agreement with Madoff in exchange for a guilty plea.

There's no way, facing 150 years, that anyone could say that ... let's hope he gets the max, though at 70, he won't serve enough of it to satisfy most people.