Madoff Pleads Guilty to Ponzi Fraud

Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims. Madoff, 70, could get up to 150 years in prison when he is sentenced in June.

In refusing to let the disgraced financier remain free on bail until then, U.S. District Judge Denny Chin noted that Madoff had the means to flee and an incentive to do so.

The plea did not satisfy many investors who had hoped Madoff would be forced to name any family members or others who helped him swindle them out of billions of dollars. He pleaded guilty to all 11 charges against him — with no deal with prosecutors — meaning he is under no obligation to disclose names and tell authorities where the money went. He is not believed to be cooperating with prosecutors.

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