Judge Orders 'Ashamed' Madoff to Jail on Guilty Plea

(AP) - Bernard Madoff's lawyer told a judge today his client will plead guilty later this week to 11 counts including money laundering, perjury and securities, mail and wire fraud. Prosecutors say the disgraced money manager will face up to 150 years in prison on the charges. More»

(NEWSER) - Now that Bernie Madoff is guilty, it’s time to talk sentencing. CNBC hosted a contest to come up with the most inventive one for the disgraced financier, and the winner is: working for the SEC, "catching people just like him." But that doesn’t mean the other finalists— which include displaying Bernie for cash to pay back investors, and trading him to Palestine in exchange for Israeli soldiers—are any less worthy. Here are some more: More»

(NEWSER) - A high-flying New York lawyer who orchestrated a Ponzi scheme to fund his lavish lifestyle has been sentenced to 20 years in jail, the New York Times reports. Marc Dreier pleaded guilty to charges including conspiracy and securities fraud relating to the scam, which bilked hedge funds and other investors of some $400 million. Prosecutors had asked for a sentence of 145 years, just 5 years short of the 150 years Bernard Madoff was slapped with. More»

Ponzi master to plead guilty today, bail could be revoked

(NEWSER) - Bernie Madoff will head to court today to plead guilty to all 11 charges against him, and there’s every chance he won’t be going home afterward, the New York Times reports. The big question hanging over today’s hearing is whether the court will revoke Madoff’s bail. Once he pleads guilty, Madoff won’t be presumed innocent anymore, and his lawyers will have to make the case that he should go free until sentencing. More»

Lawyers indicate that a plea deal is pending

(AP) - Prosecutors filed court papers today indicating Bernard Madoff may be ready to plead guilty to charges arising from one of the biggest financial frauds in history. Madoff, 70, is scheduled for court twice next week, including a Tuesday appearance to waive any potential conflicts of interest involving his lawyer and a Thursday arraignment. A defendant must enter a plea—guilty or not guilty—at an arraignment. More»