NPR logo Madoff May Be Close To Plea Deal


Madoff May Be Close To Plea Deal

A court document filed Friday shows that Bernard Madoff is a step closer to filing a guilty plea in one of the biggest-ever investment fraud cases. Madoff is accused of running a Ponzi scheme reportedly worth $50 billion.

The deadline for prosecutors to indict Madoff or reach a plea deal with him is one week away, and the two sides appear to be coming closer to a plea deal.

Federal prosecutors filed a one-page, one-sentence document in Manhattan's district court Friday morning. The document says prosecutors will file a criminal information against Madoff, "upon the defendant's waiver of an indictment."

Legal experts say that's the first step toward entering a guilty plea.

Prosecutors and Madoff's lawyers are sorting through a series of legal issues, including how much money can be returned to investors and how much money Madoff's wife gets to keep.

In December, Bernard Madoff admitted to running a giant Ponzi scheme. It appears to be one of the biggest frauds in the history of Wall Street.

NPR thanks our sponsors