Madoff admits blockbuster fraud
Bernard Madoff pleaded guilty today to charges he orchestrated the biggest financial swindle in Wall Street history, cheating investors out of billions of dollars in a fraud that shocked the public and drew demands for stricter regulations.
"I cannot adequately express how sorry I am for what I have done," the grey-haired 70-year-old Madoff said as he pleaded guilty to 11 criminal charges.
Madoff, the disgraced money manager and former Nasdaq stock market chairman, described a long-running scheme that he knew from the beginning was "criminal and wrong" but hoped would end shortly.
As he become more deeply engaged in the fraud, "I realized that my arrest and this day would inevitably come," he said in a Manhattan federal courthouse where victims of his Ponzi scheme were invited to speak.
Madoff's role in the scheme, which took in as much as $65 billion over two decades before the 2008 market meltdown, could land him in prison for the rest of his life.
Speaking for 10 minutes, Madoff said he was "grateful" for the opportunity to talk and "deeply sorry and ashamed" of his actions.
Madoff, who stood to the left of his lawyer, hands draped at his side, admitted to securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the U.S. Securities and Exchange Commission and theft from an employee benefit plan.
His investors included hedge funds, banks, Jewish charities, the wealthy, and small individual investors in North and South America and Europe.
Presiding Judge Denny Chin is due to sentence Madoff at a later date.
- 1 If you weren't afraid of flying before last week... you probably are now
- 2 Israel-Gaza conflict: The secret report that helps Israelis to hide facts
- 3 Students offered grants if they tweet pro-Israeli propaganda
- 4 Lauren Goodger calls for tougher laws on revenge porn after sex tape leaks online
- 5 Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
£30000 per annum: Ashdown Group: A highly reputable software house is looking ...
£40000 - £45000 per annum: Ashdown Group: An established professional services...
Highly Attractive Salary: Austen Lloyd: CITY - SENIOR COMMERCIAL LITIGATION SO...
£35000 - £40000 per annum + competitive: Progressive Recruitment: My client is...