BREAKING NEWS: Bernard Madoff Pleads Guilty; Judge Orders Him Jailed Immediately; Spectators Erupt In Applause

By 5:46 am Mar 12, 2009

UPDATED 11:58 A.M. EDT (U.S.A.) Accused Ponzi swindler Bernard Madoff has pleaded guilty to 11 criminal charges and faces up to 150 years in prison.

CNN is reporting that U.S. District Judge Denny Chin of Manhattan accepted the plea. Chin ordered Madoff to jail immediately. The courtroom, packed with victims, erupted in applause.

Madoff, 70, will be formally sentenced June 16. Prosecutors now say as much as $65 billion might have been involved in the crime, which continued unrestrained for years.

Madoff told the judge that he never invested clients’ money, instead depositing it directly into a bank, CNN reported. It was an acknowledgement that Madoff was running a pure Ponzi scheme that sucked away billions of dollars of wealth from individuals, charities, endowments and retirement funds.

Categories: Alleged Ponzi Schemes, The Economy, Uncategorized
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4 Responses to “BREAKING NEWS: Bernard Madoff Pleads Guilty; Judge Orders Him Jailed Immediately; Spectators Erupt In Applause”

  1. Tony H
    Mar 13, 2009 at 12:52 pm |

    Documents show Madoffs worth more than $823M
    http://biz.yahoo.com/ap/090313/madoff_scandal_assets.html

    NEW YORK (AP) — Newly filed court documents show Bernard Madoff and his wife had a net worth of more than $823 million at the end of last year. The document detailing the Madoffs’ assets was contained in papers his lawyers filed Friday in an effort to get him freed on bail.

    The document shows the Madoffs owned four real estate properties worth $22 million and had $17 million in cash and a $7 million yacht, among other assets.

    Madoff was sent to jail Thursday after he pleaded guilty to 11 felony counts, including securities fraud. His $10 million bail was immediately revoked.

    The 70-year-old Madoff faces up to 150 years in prison at a June sentencing.

  2. Lynndel Edgington
    Mar 14, 2009 at 11:59 am |

    It is going to be interesting to see just who all is considered “Others.”

    Just my pesonal opinion, but I think he allowed his son’s to turn him in so they could appear to not be involved, but someone had to be preparing all those monthly statements. Also that his wife was the original bookkeeper, and had access to all the bank accounts up until the end. Guess the game show “Let’s Make A Deal” will be making a come-back and soon.

  3. Pistol
    Mar 17, 2009 at 3:48 pm |

    “It is a real lesson that people cannot abdicate personal responsibility when it comes to their personal finances.”

    And that’s the point. People did abdicate responsibility — and now, rather than face that fact, many of them are blaming the government for not, in effect, saving them from themselves.

    http://www.nytimes.com/2009/03/14/business/14nocera.html?_r=2&dbk

  4. princess.sarcasm
    Mar 20, 2009 at 4:24 pm |

    my goodness .. H O W on earth ? will all those eastside penthouse furniture fit into Bernie’s jail cell ? mmmm mmm mmm …. he does have more problems then ever since that nasty Judge is making him stay in the slammer after all …. gee whiz …

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