Madoff Delays Could Point to Plea Bargain

Wording in court order suggests negotiations in $50B fraud case
By Clay Dillow,  Newser Staff
Posted Jan 13, 2009 9:41 AM CST
In this Jan. 5, 2009, file photo, disgraced financier Bernard Madoff leaves US District Court in Manhattan after a bail hearing.   (AP Photo)
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(Newser) – Signs emerged yesterday that disgraced financier Bernard Madoff is trying to cut a deal that could end his $50 billion fraud case without trial, the New York Times reports. A federal magistrate refused to revoke Madoff’s bail and delayed a hearing on Madoff’s case for 30 days so discussions with his lawyers concerning disposition of the case could continue.

“He’s trying to cut a deal,” a former securities regulator said. “The only other possible ‘disposition’ that could be negotiated would be for the government to drop the whole case—and that’s not going to happen” Added a former federal prosecutor: “Obviously, both sides had to agree to delay the hearing, so there must be some discussions under way that the defendant believes are in his best interest.”