Madoff closer to a plea bargain

Accused New York trader Bernard Madoff waived his right to a grand jury proceeding Friday, paving the path for a possible plea bargain, court records show.

In February, Madoff, accused of running a Ponzi scheme that cost investors as much as $50 billion, agreed not to contest Securities and Exchange Commission charges filed against him, The New York Times reported.

Court filings indicate that Madoff confessed his crime to family members and to FBI agents who arrested him in December.

Any plea may have to wait for the court to clear up a possible conflict of interest issue. Madoff’s lead attorney Ira Lee Sorkin’s parents invested in Madoff’s firm before their deaths, the Times reported.

Kevin McCue, a spokesman for court-appointed trustee Irving Picard said the case now includes claims from 4,300 Madoff investors, the Times said.