Madoff Pleads Guilty, Remanded in Jail


Bernard Madoff, the man behind the biggest Ponzi scheme ever who stole more than $65 billion, has just pleaded guilty today to 11 criminal crimes. U.S. District Court Judge Denny Chin ordered Madoff, now 70, to jail because of his guilty plea, when asked to explain his crime, Madoff said “I operated a Ponzi scheme,” Madoff later said “I always knew this day would come,” and explained he thought the scheme would actually end, but it “provided impossible,” Sentencing is scheduled for June 16, 2009. Madoff faces up to 150-years in prison.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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  • iniquity Tech

    WoW he stole $65 billion!!! it can support a whole community in that kind of money.

  • Hercules K

    yup! incredible when you really think about it – its what Madoff said, it just snowballed and it was impossible to end…

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