Unlike most criminal defendants who plead guilty, Mr Madoff does not have a deal with prosecutors that would require him to cooperate in exchange for a reduced sentence. While he has been meeting with the US attorney’s office, he is not required to work with them.
NVDL: Intwisting. Accept guilt but don't tell us how you did it...
The former Nasdaq chairman and once-respected New York broker told Judge Denny Chin “it is correct” that he wanted to admit to all 11 felony counts in the criminal information that prosecutors filed earlier in the week.
“I hope he goes to jail right from the courthouse,” said New Yorker Debra Schwartz, who has lost two-thirds of her savings to Mr Madoff and wanted to see the proceedings live. “What’s going to make me feel better is to get a check in the mail for the money I lost.”
Prosecutors say that Mr Madoff lied to investors for the better part of three decades, soliciting billions of dollars and promising to invest it in a complex “split strike conversion” strategy that generated unusually reliable high returns. Instead, he used money from new investors to pay earlier clients and directed his staff to manufacture trade tickets and account statements.
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