Madoff Pleads Guilt; Ordered to Jail
March 12, 2009 by Stephen Kersey
Filed under Business
Bernard Madoff was ordered to jail on Thursday. He pleaded guilty on all 11 criminal counts of fraud, theft and money laundering in one of Wall Streets’ biggest swindles of all time.
U.S. District Judge Denny Chin told Madoff to explain his crimes.
“I operated a Ponzi scheme,” Madoff said. “I thought it would end quickly, but it proved impossible.
“I am ashamed for these criminal acts. I always knew this day would come.”
The judge ordered the 70-year-old Madoff to jail. He was then taken to the Manhattan Correctional Center. The sentencing date was set for June 16 where he could face a maximum of 150-year sentence.
Madoff created a decades-long scheme that scammed investors out of more than $50 billion. Throughout the scheme new investments were used to fund payoffs to previous investors, making the appearance of legitimate returns.
Image: Newscom
This is a very sad story for all involved. The investor and the perpetrator. It is amazing what people will do to make money. If he always knew the day would come, why in the world would he continue to do what he did?