The news that Bernard Madoff will plead guilty to a fraud worth an estimated $50b will hardly adhere him to the many that have been caught out by his dealings.
They are said to include charities, hedge funds and prominent members of America's Jewish community.
It is expected that despite his age,that of 70,the full weight of the law will be brought upon him and he can confidently expect ti remain in jail for the rest of his days.
Essentially his fraud was to use investors money to pay out returns to existing investors whilst maintaining that he ran a successful stocks and options investment company.
Court document have so far suggested that his company had 4,800 customer accounts worth $64.8bn - but that only "a small fraction" of this money actually existed.So far trustees have only managed to recover $1b of those assets,whose returns he once boasted would be in the region of 46 per cent.
Prosecutors have also said that it will be possible to seize personal assets from Madoff but these are estimated only at around $800m
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