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Madoff Pleads Guilty to 11 Counts; Bail Revoked

by Kathryn Buschman Vasel

A Manhattan judge revoked Bernard Madoff’s bail sending him to jail after the Ponzi schemist pleaded guilty to 11 criminal counts Thursday morning.

The disgraced financier faces a sentence of up to 150 years in jail.

During the hearing, the 70-year-old apologized for the many years he operated the $50 billion Ponzi scheme, saying he was “deeply sorry and ashamed for my crimes,” according to reports. He continued to say he is aware he hurt people and that the representations he made to his customers to trade securities were false.

“I concealed fraud by filing false financial reports and statements with the SEC. I knew they were false and would be sent to clients,” Madoff said in a lower Manhattan Court.

“When in 2006 I registered with the SEC, I followed a form. I falsely certified that Madoff had custody of clients’ securities. I did it from the 17th floor.”

His sentencing is scheduled for June 16.

The former Nasdaq chairman said he thought financial swindle would end quickly and that his trading and market-making operations were legitimate and that he felt compelled to meet client expectations.

Through his plea, Madoff admitted to wire fraud, securities fraud, mail fraud, three counts of money laundering, perjury and a host of other charges. The disgraced financier could also be subject to mandatory restitution payments as well as fines.

The government is claiming $170 billion in forfeiture.

Presiding Judge Denny Chin will sentence Madoff at a later hearing, but could revoke his bail today, sending Madoff to jail.
U.S. prosecutors say there is no plea agreement between the government and the man who ran the largest Ponzi scheme in history — and that the investigation is continuing.

Victims of the scheme were invited to speak at the trial.The first victim demanded Madoff look at the victims, but Madoff declined.