Madoff to admit massive fraud and face 150-year prison term

Published on Tuesday 10 March 2009 23:44

DISGRACED financier Bernard Madoff could face a 150-year prison sentence after his lawyer yesterday indicated he would plead guilty to charges of fraud.

At a court in New York, Madoff's legal representative, Ira Sorkin, said it was "a fair expectation" that Madoff, who is accused of a masterminding a massive "get rich quick" scheme, would plead guilty tomorrow.

Prosecutors said the 11 charges against Madoff carried a maximum sentence of 150 years.

Madoff, 70, is alleged to have been behind a $50 billion (35.7 billion) fraud which took in investors from across the world.

Since being arrested in December, he has been under house arrest in his luxury Manhattan penthouse.

He is due to appear before a judge, and aggrieved investors, tomorrow at a session in which he is widely expected to plead guilty.

Details of charges made by the attorney's office emerged yesterday at a hearing to address a potential conflict of interest between Madoff and his lawyer.