The Work

March 12, 2009 11:09 AM

Live Blogging the Madoff Hearing: Plea Accepted, The Investigation Will Continue

Posted by Brian Baxter

The government has told Chin that it will continue its investigation of Madoff. AUSA Litt says that the government has some issues with Madoff's allocution. For one, Litt says that it is the government's position that Madoff started running his Ponzi scheme in the eighties, not the mid-nineties, as Madoff said in his allocution.

Reiterating what he already decided before, Chin says that he will accept Madoff"s plea on all 11 counts. In response to the last victim's statement arguing in favor of a trial, Chin says today's plea hearing and a future sentencing hearing will serve the same purpose, that individuals in the U.S. are held accountable for their crimes.

Chin says he will await a pre-sentencing report to determine how much time the disgraced investment manager will serve. He set Madoff's sentencing hearing for June 16 at 1:30 p.m.

Arguments have begun as to whether Madoff will remain free until sentencing. The government says that it will move for remand to have Madoff incarcerated until sentencing. Sorkin is already standing ready to object when Chin turns to him to ask if he plans to do so.

Sorkin begins listing the concessions made by Madoff and his wife, Ruth, on their assets and properties in Manhattan, Long Island, and Palm Beach, Fla.

"At his wife’s own expense--," says Sorkin, before laughter from the galley cut him off. Chin ordered that the courtroom be silent.

"There is no chance that Mr. Madoff is a risk or danger to the community," Sorkin says. "His risk of flight is effectively nil."

Live Blogging the Madoff Hearing

The Victims Speak - 3/12/09, 10:59 a.m.

"Guilty" to All 11 Counts - 3/12/09, 10:51 a.m.

"I knew what I was doing was wrong and criminal" - 3/12/09, 10:40 a.m.

The Prosecutors Enter and Madoff Says He's Ready to Plead Guilty - 3/12/09, 10:13 a.m.

Bernie Makes His Entrance - 3/12/09, 9:56 a.m.

Waiting for Bernie - 3/12/09, 9:40 a.m.

The Circus in Foley Square - 3/12/09, 9:30 a.m.

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