Well, it’s official. Bernie Madoff has plead guilty to 11 counts of fraud, money laundering, perjury and theft. The maximum amount of prison time for these crimes is 150 years.
Madoff, who is 70, appeared in United States District Court in Manhattan, was sworn in and answered questions about the 20 year long, $65 billion ponzi scheme.
The New York Times says that Madoff had this to say to the judge when asked how he sustained such a mammoth deception for so long:
“I believed it would end shortly and I would be able to extricate myself and my clients from the scheme.”
Madoff’s immediate fate will be decided Thursday when the judge rules on whether he will remain free on bail or be jailed while he awaits sentencing.
Pleading Guilty to All Charges, Madoff Awaits Ruling on Bail [NYT]
(Michael Appleton for The New York Times)