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Prosecutors indicate Madoff plea may be in works
Associated Press
Issue date: 3/6/09 Section: News
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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 morning arraignment. A defendant must enter a plea - guilty or not guilty - at an arraignment.
The U.S. attorney's office suggested Friday in a brief court filing that the money manager is ready to waive an indictment and one of Madoff's lawyers said he had already done so. A waiver of indictment is a necessary procedural step before a defendant enters a guilty plea.
Prosecutors have a deadline of next Friday to bring an indictment against Madoff under the speedy-trials law.
Madoff has been confined to his Manhattan penthouse since his arrest in early December after authorities said he told his family that he had engaged in a $50 billion fraud. Authorities have since said money lost by investors might be less than $17 billion and the higher amount may represent false profits.
Madoff has never contested the allegations and recently surrendered millions of dollars in major assets, actions that typically precede plea deals.
Investigators have spent the last three months trying to untangle Madoff's complicated financial operation while attempting to return what is left of his assets to investors who lost billions. Madoff's cooperation could be key to explaining the mysteries and intricacies of his business, and also explain if others were involved in the fraud.
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