Madoff Plea Deal Expected
Saturday, March 07, 2009
New York, NY –
A plea deal could be in the works for Bernard Madoff, accused of swindling investors out of $50 billion dollars in a Ponzi scheme.
REPORTER: The US Attorney's office has indicated in court papers that Madoff is ready to waive an indictment -- language that's used when plea deals are ready to happen. Columbia University law professor John Coffee says the government has considerable interest in striking a deal:
COFFEE: I don't think he has any realistic chance of acquittal. But it is time, money, expense, and a good deal of delay. The government would like to go ahead and get a guilty plea and start the longer process of returning restitution to the victims.
REPORTER: The Securities Investor Protection Corporation says it has sent out checks to two victims. Investors are eligible for up to $500,000 in restitution from the group, which is funded by the financial industry. It steps in when a brokerage firm fails.
Leave a Comment
Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.