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This is an archive article published on March 13, 2009

Madoff pleads guilty,jailed

Bernard L Madoff pleaded guilty on Thursday to all the charges against him and expressed remorse for a vast Ponzi scheme...

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Bernard L Madoff pleaded guilty on Thursday to all the charges against him and expressed remorse for a vast Ponzi scheme that bilked investors out of billions of dollars.

Standing before the judge,Madoff was sworn in and reminded that he was under oath. Noting that he had waived indictment,Judge Chin asked,How do you now plead, guilty or not guilty?

Guilty, Madoff responded.

Rather than letting him remain free on bail,the judge ordered Madoff immediately jailed as he awaits sentencing.

He has incentive to flee,he has the means to flee,and thus he presents the risk of flight, Judge Chin said. Bail is revoked.

The 11 counts of fraud,money laundering,perjury and theft to which Madoff pleaded guilty carry maximum terms totaling 150 years. Sentencing was scheduled for June 16.

Recounting how he sustained a 20-year fraud whose collapse erased as much as 65 billion that his customers thought they had in their accounts,Madoff said: I believed it would end shortly and I would be able to extricate myself and my clients from the scheme.

 

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