11 Mar 2009

Madoff expected to plead guilty to fraud charges

12:18 pm on 11 March 2009

US financier Bernard Madoff is expected to plead guilty to orchestrating a $US50 billion fraud later this week.

Lawyer Ira Lee Sorkin told a Manhattan court there was a fair expectation Madoff, 70, would plead guilty to 11 counts of fraud on Thursday.

Prosecutors are seeking a prison sentence of 150 years.

Madoff is accused of running a Ponzi scheme in which early investors were paid with the money of new clients.