Madoff Closer to Plea Deal

By JTA March 6, 2009

Bernard Madoff appears to be moving closer to a plea bargain with federal prosecutors.

Madoff, who has admitted to orchestrating a massive Ponzi scheme that defrauded investors — including numerous Jewish nonprofits and individuals — out of an estimated $50 billion, has agreed to waive his right to a grand jury review of accusations against him, according to federal court filings in Manhattan, media reports said.

The agreement makes a plea deal more likely for the disgraced financier, who was arrested last December 11 and confessed to his crimes.

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