BAMAPHIN 22
03-12-2009, 06:54 PM
Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims.
Applause broke out in the packed courtroom of around 100 spectators after U.S. District Judge Denny Chin denied bail for Madoff, 70, noting that he had the means to flee and an incentive to do so because of his age. Madoff stood stoically, if a little pale, at the judge's ruling, reports CBS investigative producer Pat Milton.
Madoff could get up to 150 years in prison when he is sentenced in June.
The plea did not satisfy many investors who had hoped Madoff would be forced to name any family members or others who helped him swindle them out of billions of dollars. He pleaded guilty to all 11 charges against him - with no deal with prosecutors - meaning he is under no obligation to disclose names and tell authorities where the money went. He is not believed to be cooperating with prosecutors.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," Madoff, speaking softly but firmly, said in his first public comments about his crimes since the scandal broke in early December.
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Applause broke out in the packed courtroom of around 100 spectators after U.S. District Judge Denny Chin denied bail for Madoff, 70, noting that he had the means to flee and an incentive to do so because of his age. Madoff stood stoically, if a little pale, at the judge's ruling, reports CBS investigative producer Pat Milton.
Madoff could get up to 150 years in prison when he is sentenced in June.
The plea did not satisfy many investors who had hoped Madoff would be forced to name any family members or others who helped him swindle them out of billions of dollars. He pleaded guilty to all 11 charges against him - with no deal with prosecutors - meaning he is under no obligation to disclose names and tell authorities where the money went. He is not believed to be cooperating with prosecutors.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," Madoff, speaking softly but firmly, said in his first public comments about his crimes since the scandal broke in early December.
To view links or images in this forum your post count must be 10 or greater. You currently have 0 posts.