Madoff Expected to Plead Guilty in $65B Scam

Victims are expected to gather outside the court Thursday demanding restitution

Thursday, Mar 12, 2009  |  Updated 6:28 AM EDT
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Bernard Madoff & His Victims


Bernard Madoff will likely spend the rest of his life in jail after pleading guilty to 11 felonies, including fraud.

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Madoff Expected to Plead Guilty Thursday

Bernard Madoff is expected to plead guilty to 11 charges of fraud and perjury on Thursday, with a handful of his victims testifying about their losses.

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Disgraced financier Bernard Madoff is expected to plead guilty Thursday to 11 felony  charges for allegedly engineering one of the largest investment scams in history.

He faces up to 150 years in jail.

The federal court also will hear testimony from a select few of Madoff's thousands of victims -- many who lost their savings, retirement and other key investments.

The 70-year-old former Nasdaq chairman acknowledged Tuesday that he will plead guilty to 11 charges that include fraud and money laundering.

Madoff is accused of running a gigantic Ponzi scheme, defrauding billions of dollars from retirees, charities, school trusts and even Holocaust survivors. Total losses are estimated at $65 billion -- but that number could be higher, experts said.

Some victims said a guilty plea and jail time is not enough punishment.

They want the accused Wall Street swindler to name any accomplices who helped him pull off his multibillion-dollar securities fraud.
They also want Madoff to apologize and turn over family assets that might be used to pay bilked investors.
Madoff is expected to plead guilty Thursday to 11 different charges that could put him in prison for life.
The deal is not part of a plea bargain, though.
That means he may not have to cooperate as the investigation continues.

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