Bernard L. Madoff was indicted today by a federal grand jury in New York on 11 felony counts of fraud, money laundering, perjury, theft from an employee benefit plan, making false statements and making a false filing with the SEC.
Mr. Madoff, 70, faces a maximum of 150 years in prison if found guilty on all counts, and fines up to twice the gross gain or loss derived from his alleged $50 billion Ponzi scheme, according to a news release about the indictment. He also would have to forfeit proceeds and property derived from the crimes.
Mr. Madoff is scheduled to appear Thursday before Judge Denny Chin in U.S. District Court in New York for a plea proceeding.
The government has not entered into any agreement with Mr. Madoff about his plea or sentencing, acting U.S. Attorney Lev L. Dassin, said in a prepared statement. The filing of these charges does not end the matter. Our investigation is continuing.
Also today, The PBGC assumed responsibility for the pensions for 88 former employees, 61 of which are retired, of East River Management Corp., New York, which lost all of its pension assets in its investments with Bernard L. Madoff Securities, according to a PBGC news release.
The company went out of business 10 years ago, but the pension plan had been maintained, said PBGC spokesman Jeffrey Speicher.
The Pension Benefit Guaranty Corp. estimates it will assume about $2 million in liabilities as a result of the plan's termination. The PBGC became trustee of the plan on March 5.