Madoff to Plead Guilty on 11 Counts, Faces 150 Years

Bernard Madoff's lawyer told a judge today his client will plead guilty later this week to 11 counts including money laundering, perjury and securities, mail and wire fraud. Prosecutors say the disgraced money manager will face up to 150 years in prison on the charges.

The hearing at a Manhattan courthouse was called to resolve several potential conflicts of interest between Madoff and his lawyer, Ira Sorkin. Sorkin and his family invested more than $900,000 with Madoff. After questioning Madoff, the judge ruled that Sorkin may continue representing Madoff. Asked by the judge if Madoff would plead guilty Thursday, Sorkin said: "I think that's a fair expectation." (More Bernard Madoff stories.)