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The report says that Manhattan federal prosecutors filed court papers Friday saying accused Ponzi swindler Bernard Madoff plans to waive indictment on charges he swindled investors of 50 billion dollars.
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Accused swindler Bernard Madoff exits the Manhattan federal court house in New York , in this Jan. 14, 2009 file photo. Madoff took the first public step to a guilty plea on criminal charges of running a 50 billion U.S. dollars investment fraud over many years, according to court papers March 6, 2009 |
A spokeswoman at the U.S. attorney's office declined to comment Friday. Madoff could appear in court as early as next week, according to published reports, but there is no court date set yet.
The deadline for prosecutors to indict Madoff is next Friday.
Madoff, 70, was arrested late last year, a day after meeting with his sons and telling them that his secretive investment advisory business was "basically a giant Ponzi scheme," a criminal complaint was cited as showing.
A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from profit. The term "Ponzi scheme" is used primarily in the United States, while other English-speaking countries do not distinguish colloquially between this scheme and pyramid schemes.
In recent weeks, prosecutors have tended to a number of housekeeping details that indicated a plea deal was on the horizon.
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Accused swindler Bernard Madoff walks back to his apartment in New York, in this Dec. 17, 2008 file photo |
Earlier this week, prosecutors revealed that Madoff's wife, Ruth, has 62 million dollars stashed away in accounts she claims should not be subject to forfeiture. She contends the money didn't come from her husband's scheme.
She also claims a 7-million-dollar apartment the couple share --and to which her husband is confined -- can't be seized, according to The New York Daily News.