Madoff Plead Guilty

It was revealed Tuesday that Bernard Madoff will plead guilty Thursday to securities fraud. He could face up to 150 years in prison for one of the largest frauds in history. His lawyer, Ira Sorkin, told a judge that Madoff planned to plead guilty this week without a plea deal. Madoff has been under house arrest in his $7 million Manhattan penthouse since he was arrested in early December after authorities said he confessed to his family that he had carried out a $50 billion fraud. Prosecutors raised the size of the fraud to $64.8 billion. Madoff wore a bulletproof vest and arrive about three hours before the hearing. Several lawyers for investors showed up as spectator. The courtroom was largely packed with members of the media. Here's what someone said. Attorney Marc Litt said there was no plea deal and that Madoff could be exposed to the maximum penalty of 15o years in prison. Someone limited investors who want to speak at the hearing to those challenging whether the plea should be accepted or whether Madoff should be allowed to remain on bail pending sentencing. Prosecutors say Madoff operated a massive Ponzi scheme in which his clients' funds were misappropriated and converted to the use of Madoff, his business and others.