Word: madoff
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...unexpected guilty plea without a plea deal, the multiple counts - which include mail fraud, wire fraud, securities fraud and money laundering, among others - and the potential prison term were revealed at what was supposed to be a minor hearing about a potential conflict of interest between Madoff and Sorkin. The lawyer and his father, now deceased, once invested with Madoff. The judge waived the conflict. (See 25 people to blame for the financial crisis...
...Tuesday Chin asked Sorkin if it was his "expectation that [Madoff] will plead guilty" at the hearing on Thursday. "That's a reasonable expectation," Sorkin replied. The judge then said he would decide at the hearing whether to accept the plea and whether to remand Madoff to jail pending sentencing in several months, setting the stage for Madoff's climactic court appearance...
...Court in lower Manhattan is bracing itself for a large crowd of Madoff victims to witness Thursday's hearing firsthand. The court is preparing two additional overflow courtrooms with television monitors and additional guards to accommodate up to 300 people, according to the judge's spokesperson. (See the top 10 scandals...
...things go according to plan, Madoff, 70, will spend the rest of his life behind bars at a federal prison. The Bureau of Prisons decides where a criminal ends up, based on a formula and any special security needs. One possible spot is a medium-security facility in Otisville, N.Y. Often referred to as Club Fed, the prison is located 70 miles northwest of New York City and generally handles white-collar criminals from the Southern New York Judicial District...
...medium-security prisons there are no locked doors, steel grills or gun towers. Since Madoff admitted his "big lie" to his sons and the FBI and was subsequently arrested on Dec. 11, he has been confined to his $7 million Manhattan penthouse. (See pictures of expensive things that money...