Bernard Madoff may be negotiating a guilty plea.
Federal prosecutors acknowledged in a court order released Monday that Madoff’s lawyer, Ira Sorkin, is “engaging in discussions concerning a possible disposition of this case,” the New York Times reports.
On the one hand, a negotiated plea deal would deny defrauded investors (and everyone else) the satisfaction of watching the alleged swindler put on public trial. But it may be the only way that the 70-year-old Madoff might get a break and avoid dying in prison, particularly if he cooperates against others or helps recover billions in investor funds.
Sorkin declined to discuss his strategy but several former prosecutors told the Times that the language indicated that the discussions were about a deal in which Madoff would agree to plead guilty in exchange for some type of leniency.
“He’s trying to cut a deal,” said Marvin G. Pickholz, a former securities regulator. “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.”
However, Newsday’s Anthony Destefano cited an unnamed source saying that any discussions were in the early stages and that no plea deal was imminent.
The information about the discussions was contained in an order, signed by the U.S. Magistrate Ronald L. Ellis, that approved a 30-day delay in a hearing on Madoff’s case. That order also denied prosecutors’ request that Madoff be jailed until he can be tried because they deem him a flight risk. Prosecutors said they plan to appeal.
The judge’s ruling allows Madoff to remain free in his Manhattan penthouse, wearing an electronic monitoring device and being watched by a security team paid for by his wife.
Ellis wrote that he was not satisfied that the government had proved “by clear and convincing evidence” that jailing Madoff was necessary to ensure he did not flee or obstruct justice. He added several requirements to the bail conditions, among them, requiring Madoff to compile an inventory of all “valuable portable items” in his Manhattan apartment.
A security firm that is already watching him around the clock will be required to check that inventory every two weeks.
Madoff was arrested Dec. 11 and charged with one count of securities fraud, but he has not yet been indicted.
Under federal court rules, Monday would have been the deadline for a hearing at which the prosecution would have had to show “probable cause” for Madoff’s arrest. But both sides agreed to postpone that deadline for at least a month – an indication that discussions about a possible plea deal are taking place.
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2 Comments
#1. Elaine Meinel Supkis 01.13.2009
The Tribe will protect this guy? HAHAHA. I would think, they should feed him to the wolves. But I suppose, once he has bribed most politicians, they stay bought no matter what. Ask Marc Rich about this!
A guy in California who steals a pizza can go to prison for life with the three strikes and you are in laws. While a rich man can bribe politicians, break many laws, destroy the entire economic/financial systems of the world and pull the biggest heist in history…and stay home in his expensive pad, trying to mail jewelry to friends?
But then, Bush and Cheney could get away with committing vast war crimes and killing millions of people so I suppose, we have to keep things in perspective. Arrest them all!
#2. TACOM 01.15.2009
Justice for the rich and justice for the poor==Amerikka, you gotta love it. Bernie has to tell us where he hid 50 billion. It’s impossible to hide 50 million much less 50 billlion! Did some of it find its way to the Middle East Bernie?
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