Word: littlies
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...Federal prosecutors balked at Sorkin's suggestion and demanded a 150-year sentence. "He engaged in wholesale fraud for more than a generation," said Marc Litt, an assistant U.S. Attorney, in a note to the judge. "The sheer scale of the Madoff fraud calls for severe punishment...
Although there is a mountain of evidence and plenty of victims in this case, a guilty plea would save a lot of time and money for the government, according to Kirshner. But still, she said, assistant U.S. Attorney Marc Litt will want to "know the method of the crime, how it went undetected, where the money went, where it's hidden, if any, and who's involved...
Without a plea deal, Litt is free to pursue other people who may have been involved in the crime, including Madoff's family members and associates. Madoff has already forfeited millions of dollars from his company and personal assets, including homes, boats, planes and artwork. His wife Ruth Madoff is fighting to keep the penthouse and some $62 million in other assets, claiming they are not part of her husband's property...
This is the second continuance in the highly anticipated case against Madoff, the former Nasdaq chairman who has been under house arrest since he was arrested December 11, 2008. The next preliminary hearing date is set for March 13, the US Attorney's office said. Marc Litt is the assistant US attorney handling the case...
...extension was called for in mid-January by Manhattan-based US District Attorney's office, then still piecing together the stunning global fraud. The extension agreed to today by Feds and Madoff's lawyers appears to confirm the two sides are working hard on a plea bargaining deal. Litt's office, with no comment, has not tipped their hand either way. A guilty plea would mean Madoff would escape the glare of a trial and be sentenced quickly...