Bernie Madoff pleads guilty: faces up to 150 year sentence
Bernie Madoff has pleaded guilty to 11 counts and will sentenced on June 16th. He could get as much as 150 years in jail.
Disgraced financier Bernard Madoff will be sentenced on June 16th, CNN reports. Madoff faces up to 150 years in prison
He is currently on his way to jail and he was escorted out of the courtroom.
Madoff earlier told the judge he "cannot adequately express" how sorry he is.
Madoff told the judge his Ponzi scheme began in the early 1990s in response to a recession.
Two investors who spoke at the hearing said they opposed the guilty plea. One said she wanted it to wait until the lost money is found.
Madoff said that when he started the scheme he hoped it would only be for a short amount of time.
Prosecutors said the fraud had been going on since at least the 1980s, but Madoff told the court that it started in the early 1990s, in response to the then recession.
Madoff's 11 charges include four counts of fraud.
In addition, he has pleaded guilty to three counts of money laundering, making false statements, perjury, making a false filing to the US financial watchdog, and theft from an employee benefit plan.
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New Orleans, Louisiana, United States