Madoff Scheduled for Sentencing, Faces 150 Years
Ira Sorkin announced during a Tuesday federal court hearing in New York Madoff’s intention to enter the plea to a variety of charges (see Madoff Scheduled to Plead Guilty in $50B Ponzi Scheme ).
Madoff pleaded guilty before United States District Judge Denny Chin to securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the United States Securities and Exchange Commission, and theft from an employee benefit plan.
Madoff, 70, faces a statutory maximum sentence of 150 years in prison, and is also subject to mandatory restitution and faces criminal fines up to twice the gross gain or loss derived from the offense. In addition, the Criminal Information to which Madoff pleaded guilty includes forfeiture allegations that would require Madpff to forfeit the proceeds of the charged crimes, as well as all property involved in the money laundering offenses and all property traceable to such property.
Chin remanded Madoff into custody pending sentencing – scheduled for June 16, 2009, at 1:30 p.m.
“Today is one step in an ongoing investigation,” said Lev L. Dassin, the Acting United States Attorney for the Southern District of New York, in the announcement. “While we do not agree with all the assertions made by Mr. Madoff today, his admissions certainly establish his guilt. We are continuing to investigate the fraud and will bring additional charges against anyone, including Mr. Madoff, as warranted.”
Dassin added that “there is no agreement whatsoever, public or otherwise, between the Government and Mr. Madoff about his plea, his sentence, or the filing of additional charges against him or anyone else,” and that federal officials “continue to trace money and restrain assets so that victims may recover the greatest possible amount on their losses.”
align="left"> Charges and Maximum Penalties
align="left"> ONE:Securities Fraud
align="left">20 years in prison; 3 years' supervised release; fine of the greatest of $5 million or twice the gross gain or loss from the offense; and restitution
align="left"> Investment Adviser Fraud
align="left">5 years in prison; 3 years' supervised release; fine of the greatest of $10,000 or twice the gross gain or loss from the offense; and restitution
align="left"> Mail Fraud
align="left">20 years in prison; 3 years' supervised release; fine of the greatest of $250,000 or twice the gross gain or loss from the offense; and restitution
align="left"> Wire Fraud
align="left">20 years in prison; 3 years' supervised release; fine of the greatest of $250,000 or twice the gross gain or loss from the offense; and restitution
align="left"> International Money Laundering To Promote Specified Unlawful Activity
align="left">20 years in prison; 3 years' supervised release; fine of the greatest of $500,000 or twice the value of the monetary instruments or funds involved, or twice the gross gain or loss from the offense; and restitution
align="left"> International Money Laundering To Conceal and Disguise The Proceeds Of Specified Unlawful Activity
align="left">20 years in prison; 3 years' supervised release; fine of the greatest of $500,000 or twice the value of the monetary instruments or funds involved, or twice the gross gain or loss from the offense; and restitution
align="left"> Money Laundering
align="left">10 years in prison; 3 years' supervised release; fine of the greatest of $250,000 or twice the gross gain or loss from the offense; and restitution
align="left"> False Statements
align="left">5 years in prison; 3 years' supervised release; fine of the greatest of $250,000 or twice the gross gain or loss from the offense; and restitution
align="left"> NINE;Perjury
align="left">5 years in prison; 3 years' supervised release; fine of the greatest of $250,000, or twice the gross gain or loss from the offense; and restitution
align="left"> TEN;Making a False Filing with the SEC
align="left">20 years in prison; 3 years' supervised release; fine of the greatest of $5,000,000 or twice the gross gain or loss from the offense; and restitution
align="left"> Theft from an Employee Benefit Plan
align="left">5 years in prison; 3 years' supervised release; fine of the greatest of $250,000, or twice the gross gain or loss from the offense; and restitution