For his role in the loss of $65 billion from former clients, Bernard Madoff today pleaded guilty to 11 counts of theft, money laundering, fraud and perjury and now faces up to 150 years in prison.
|According to The New York Times, prosecutors are seeking $170 billion in forfeited assets from Madoff. So far, a court-appointed trustee has only been able to identify $1 billion to satisfy claims from clients. Madoff had 4,800 clients.
|A judge is scheduled to rule later today on whether Madoff will remain free on $10 million bail or be sent to jail to await sentencing.
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