Madoff expected to plead guilty

Swindler could receive 150 years in prison

Bernard L. Madoff’s attorney says the confessed Ponzi schemer is likely to plead guilty this week to defrauding investors of billions.

Prosecutors emphasized that they did not make a deal with Madoff. They released details of their investigation since arresting Madoff Dec. 11, including allegations that he promised some investors returns as high as 46% on their money and began the fraud in the 1980s.

They accused Madoff of 11 fraud counts that could result in a prison sentence of 150 years. Even with a guilty plea this week, sentencing is not expected immediately.

Thousands of clients have lost money with Madoff, and the toll has been considerable among showbiz players, including prominent clients of money managers Gerald Breslauer and Stanley Chais. The list of victims includes Steven Spielberg, Jeffrey Katzenberg, Kevin Bacon and Kyra Sedgwick, and producer Arnon Milchan.

Madoff worked wealthy circles in Gotham, Hollywood, Florida and Europe, bilking a disproportionate number of Jewish investors, including Elie Wiesel. Last month, Wiesel made his first public comments about the case after his charity lost $15.2 million.

“Psychopath — it’s too nice a word for him,” the author, humanitarian and Holocaust survivor said at a panel hosted by Portfolio magazine. “It means there is a sickness, a pathology. This man knew what he was doing.”

A hot topic in Gotham on Tuesday was whether victims would be able to directly address Madoff in court. The overflow crowd both inside and outside of the Lower Manhattan courtroom suggested plenty of people would want the chance.

More Film

  • A Murder in Mansfield Documentary Review

    Film Review: 'A Murder in Mansfield'

    Bernard L. Madoff’s attorney says the confessed Ponzi schemer is likely to plead guilty this week to defrauding investors of billions. Prosecutors emphasized that they did not make a deal with Madoff. They released details of their investigation since arresting Madoff Dec. 11, including allegations that he promised some investors returns as high as 46% […]

  • 'Over the Limit' Review: A Mesmerizing

    IDFA Film Review: 'Over the Limit'

    Bernard L. Madoff’s attorney says the confessed Ponzi schemer is likely to plead guilty this week to defrauding investors of billions. Prosecutors emphasized that they did not make a deal with Madoff. They released details of their investigation since arresting Madoff Dec. 11, including allegations that he promised some investors returns as high as 46% […]

  • DreamWorks Animation Campus

    Film News Roundup: DreamWorks Animation Campus Sold for $290 Million

    Bernard L. Madoff’s attorney says the confessed Ponzi schemer is likely to plead guilty this week to defrauding investors of billions. Prosecutors emphasized that they did not make a deal with Madoff. They released details of their investigation since arresting Madoff Dec. 11, including allegations that he promised some investors returns as high as 46% […]

  • Mudbound

    Oscar Myth of 'Pure' Movies: Why Netflix, Amazon Should Be Recognized

    Bernard L. Madoff’s attorney says the confessed Ponzi schemer is likely to plead guilty this week to defrauding investors of billions. Prosecutors emphasized that they did not make a deal with Madoff. They released details of their investigation since arresting Madoff Dec. 11, including allegations that he promised some investors returns as high as 46% […]

  • IMAX Opens First European VR Center

    IMAX Opens First Virtual Reality Center in Europe

    Bernard L. Madoff’s attorney says the confessed Ponzi schemer is likely to plead guilty this week to defrauding investors of billions. Prosecutors emphasized that they did not make a deal with Madoff. They released details of their investigation since arresting Madoff Dec. 11, including allegations that he promised some investors returns as high as 46% […]

  • SGIFF: Why Gavin Lim's Diamond Dogs'

    Why 'Diamond Dogs' Had to Premiere in Singapore

    Bernard L. Madoff’s attorney says the confessed Ponzi schemer is likely to plead guilty this week to defrauding investors of billions. Prosecutors emphasized that they did not make a deal with Madoff. They released details of their investigation since arresting Madoff Dec. 11, including allegations that he promised some investors returns as high as 46% […]

  • Mona Fong Mona Fong, wife of

    Singer, Star, Leading Asian Film Executive Mona Fong Dies at 83

    Bernard L. Madoff’s attorney says the confessed Ponzi schemer is likely to plead guilty this week to defrauding investors of billions. Prosecutors emphasized that they did not make a deal with Madoff. They released details of their investigation since arresting Madoff Dec. 11, including allegations that he promised some investors returns as high as 46% […]

More From Our Brands

Access exclusive content