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Madoff Expected to Plead Guilty

Former Wall Street financier Bernard Madoff is expected to plead guilty to 11 counts of fraud that caused over $50 billion in losses worldwide, his lawyers said to the BBC.

Prosecutors seek a jail sentence of 150 years for Madoff, 70.

Madoff has been under house arrest since December when he was arrested for running a Ponzi scheme in which early investors are paid off with new clients investments.

No agreement has been made to co-operate with authorities, but but Madoff is "trying to get some leniency from the judge without being forced to turn on family members and associates," said John Hueston, partner at law firm Irell & Manella.

Many victims of Madoff's scheme are troubled by the possible guilty plea, Reuters reports.

Investors said in telephone interviews to Reuters that they want more details about the scheme and where the money went.

Madoff will not face a jury trial, where details concerning his co-conspirators and financial crimes could be made apparent.

Victims of Madoff's scheme come from North and South America as well as Europe, including hedge funds, banks, individuals, retirees and several charities.