Madoff could face up to 150 years, to plead guilty

NEW YORK: Bernard Madoff confirmed on Tuesday he is set to plead guilty to running a massive Wall Street fraud and prosecutors announced they want him sentenced to 150 years prison.

After months of speculation, Madoff confirmed in court through his lawyer Ira Sorkin that he will plead guilty at a hearing on Thursday. "I think that is a fair expectation," Sorkin said.

Asked if Madoff, 70, would plead guilty to all 11 counts of fraud, Sorkin told the judge: "Yes your honor." Prosecutors unveiled the charges at the hearing and said that they carried a maximum prison sentence of 150 years. "There is no plea agreement" for a reduced sentence for Madoff, the prosecutor told the judge.

Madoff was arrested in December after allegedly confessing to what could be the biggest Ponzi scheme in history. He has been holed up since then under strict 10 billion dollar bail in his luxury New York apartment.

The 11 counts against him include securities fraud, investment adviser fraud, mail fraud, wire fraud, and three counts of money laundering.

Victims' lawyers believe some three million people, including major banks and celebrities, lost money in a decades-long scam where Madoff used investors' funds to pay phony profits, while skimming cuts for himself. A guilty plea would mean Madoff gave up his right to a trial.

Judge Denny Chin told the court that after the guilty plea was formally entered, he would decide whether Madoff should be taken into custody or be allowed to remain under house arrest until sentencing. "Sentencing would not take place for several months," Chin said.

Victims of Madoff's huge alleged fraud will be given the right to speak at Thursday's hearing, Chin said.