Madoff 'to plead guilty' to fraud

Former US financier accused of huge fraud could spend rest of his life in jail.

    Madoff's lawyer says his client is 'expected' to plead guilty to 11 counts of fraud [Getty Images/AFP]

    But US authorities have revealed 10 additional charges against him, including investment adviser fraud, false statements, mail fraud, perjury and three counts of money laundering, according to court documents filed on Tuesday.

    Madoff, 70, has confessed to investigators that he ran the scheme - in which early investors are paid off with the money of newer clients - over many years with losses of $50bn.

    No plea deal

    "There is no plea agreement," Marc Litt, assistant US attorney, said at Madoff's hearing Tuesday before a US judge in New York.

    "He must plead guilty to all 11 counts."

    Madoff faces up to 150 years in prison if convicted.

    The judge said he will not sentence Madoff on Thursday, and that the victims of the alleged fraud will be heard in court.

    Madoff did not comment on the charges as he left the court in New York city on Tuesday.

    He has been under house arrest in his $7 million Manhattan apartment as part of his $10 million bail, which has also required his assets to be frozen.

    SOURCE: Agencies


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