NEW YORK (Reuters) - Bernard Madoff was charged on Tuesday with 11 criminal counts that could carry a sentence that would put him in prison for the rest of his life. Prosecutors say the alleged crimes spanned more than 20 years.
The counts include:
* Securities fraud, 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 lead attorney tells judge in court the money manager is expected to plead guilty on Thursday.
* Prosecutors say there is no plea agreement between Madoff and the government. They say “the size and scope of Mr Madoff’s fraud are unprecedented” and their “investigation is continuing” into the case.
* The government says Madoff faces up to 150 years in prison if convicted of all of the charges.
* Government says Madoff also subject to mandatory restitution payments, fines and forfeiture of ill-gotten gains.
* Prosecutors contend the alleged scheme lasted from “at least” the 1980s and Madoff hired numerous employees “with little or no prior pertinent training or experience in the securities industry” to communicate with his investment clients and “generate false and fraudulent documents.”
* Government says Madoff investment business had about 4,800 client accounts as of November 30. 2008 and it issued statements for that month reporting that client accounts held a total balance of about $64.8 billion. In reality, the business “held only a small fraction” of that balance for clients.
Reporting by Martha Graybow and Paul Thomasch; Editing by Andre Grenon
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