Madoff to plead guilty ‘to protect family’

Bernie Madoff, the New York-based financier who allegedly materminded a $50bn financial fraud, is facing a potential 150 years in jail after his lawyer confirmed on Tuesday that he is likely to plead guilty to all charges.

It had been expected that Madoff would strike a plea bargain, but his lawyer, Ira Sorkin, confirmed that the 70-year-old is likely to own up to his alleged crimes. When asked by Judge Denny Chin at a procedural hearing whether it was his "expectation that he [Madoff] will plead guilty?", Sorkin replied: "I think that's a fair expectation".

Madoff faces 11 criminal charges including fraud, perjury, theft, false statements and international money laundering. It is rare for a defendant to plead guilty in the US to such a broad range of crimes without seeking a deal. Speaking to the Guardian, Ross Intelisano, a lawyer representing Madoff's victims, suggested that he could be "taking the bullet" to protect family members. "He's already 70. The chances of him getting less than 20-30 years in prison are very slim. His priority may now be to protect the ones he loves."

Meanwhile, questions remain over prosecutors' plans for Madoff's wife, Ruth, who, according to court papers, withdrew $15.5m from an account linked to her husband's investment empire in the weeks running up to his arrest. As yet, she has not been charged with anything. Neither have Madoff's sons, Andrew and Mark, who were senior executives in his financial empire.
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