Home > business > Madoff Jailed After Pleading Guilty to Epic Scheme

Madoff Jailed After Pleading Guilty to Epic Scheme

Bernard Madoff was jailed after admitting he masterminded the largest Ponzi scheme in history, an epic swindle that may have reached $65 billion and made him the symbol of investor distrust in a global recession.

Madoff, 70, faces a prison term of as long as 150 years when he is sentenced June 16. He entered his guilty plea today in Manhattan federal court, three months after confessing to his sons that Bernard L. Madoff Investment Securities LLC was “one big lie.” U.S. District Judge Denny Chin ordered the immediate jailing of Madoff, who had been free on $10 million bond.

“I operated a Ponzi scheme through the investment advisory side of my business,” Madoff told Chin at today’s hearing in a courtroom packed with victims and members of the media. Speaking for the first time since his arrest on Dec. 11, he said he was “deeply sorry” and knew what he did was criminal.

The money manager told Chin that, in the early 1990s, with the U.S. in a recession, he felt “compelled” to provide the returns his investors expected.

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This article was originally posted on Bloomberg

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