THIS JUST IN: Bernard Madoff’s lawyer told a judge his client will plead guilty later this week to 11 counts including money laundering, perjury, securities fraud, mail fraud, wire fraud and——————international money laundering.
The buzz is Madoff has money hidden all over the world-—may involve $170 billion from theft, and other crimes.
Madoff’s Mellon bank accounts are being scrutinized-—show signs of offshore activity. Accounts in Madoff family members’ names are also under scrutiny.
Madoff, originally charged with a sole count of securities fraud, will plead guilty to that charge and an additional 10 counts filed today in a so-called criminal information, defense attorney Ira Sorkin said. The new charges are investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the U.S. Securities and Exchange Commission and theft from an employee benefit plan. Madoff, 70, will admit he directed a fraud that prosecutors alleged began in the 1980s. By last November, Madoff told 4,800 investors their accounts held $64.8 billion, according to court papers filed in Manhattan federal court. Prosecutors will seek forfeiture from Madoff of as much as $170 billion. Madoff, free on $10 million bail, faces 150 years in prison.