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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