13/03/2009 13:25
Madoff pleads guilty to 11 charges
US financier Bernard Madoff has admitted in court to running a massive Ponzi scheme and orchestrating $50 billion fraud.
The financial swindler is charged with 11 offences that included securities and stock fraud, three counts of money laundering, perjury and lying to the Securities and Exchange Commission. Now he faces a maximum of 150 years in prison.
Madoff was led to jail yesterday. The verdict is expected on June 16, at the next court session, pravo.ru reports.
In a Manhattan court he said his trading and market-making operations were legitimate and that he felt compelled to meet client expectations. Madoff also said he was deeply sorry and ashamed.