Bernard Madoff Expected to Plead Guilty to 11Count Indictment … Bye, Bye Bernie

Bernard Madoff has arrived at the federal courthouse this morning to face the music in his elaborate billion dollar Ponzi scheme that defrauded many out of their life savings.

Weekday judgment at Bernie’s. Please do not let this man remain free and living in a penthouse that was paid for by the fortunes of others. Can we finally have some justice in this case.

Madoff arrives in court for plea in fraud case

Bernard Madoff arrived at the federal courthouse Thursday morning where the disgraced financier is expected to deliver on his lawyer’s prediction that he will plead guilty to all 11 felony charges brought by prosecutors.

The expected plea ends a half-century career that saw him rise to Nasdaq chairman and one of Wall Street’s elite, and could result in a maximum prison term of 150 years.

They cannot put Madoff away long enough for what he has done to unsuspecting people. While the courts are at it maybe they can get Madoff’s accomplices as well and find some of the billions of dollars he swindled from individuals.

UPDATE I: List of 11 charges against Ponzi Scheme Swindler Bernard Madoff

•  Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.
• Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.
• Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.
• Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.
• Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.
• Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.
• Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.
• Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.
• Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.
• Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.
• Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.

UPDATE II: Madoff Pleads Guilty … Bail Revoked

Madoff pleads guilty and bail revoked as he goes from the pent house to the big house

“Your honor, for many years, up until my arrest on Dec. 11, 2008, I operated a Ponzi scheme through the investment advisory side of my business,” Madoff told Chin without a trace of emotion. “As I engaged in my fraud, I knew what I was doing was wrong, indeed criminal.”