13-03-2009, 07:41 PM
Madoff Jailed After Guilty Plea
The billionaire financier Bernie Madoff has pleaded guilty to all eleven counts against him for his role at the helm of one of the biggest frauds in Wall Street history. Madoff entered the plea Thursday at a federal courthouse here in New York. In a ten-minute statement, Madoff said he is “deeply sorry and ashamed” for his actions. Madoff is accused of running a $65 billion Ponzi scheme. He has been jailed pending a June sentencing hearing, where he faces up to 150 years in prison. Several former Madoff clients who lost their life’s savings were among the hundreds in attendance. Applause broke out in the courtroom when the judge announced Madoff would await his sentencing in jail.
Madoff victim Burt Ross: “Oh, sure. Tremendous satisfaction when they put the cuffs on him. That’s justice. We don’t live by mob rule. I was concerned that people would be yelling and shouting. There was none of that. It was a dignified courtroom.”
An attorney for a group of former Madoff clients, Rob Intelisano, said unanswered questions remain.
Rob Intelisano: “I think they’re satisfied that he’s going to jail immediately. I think they would have been happy to hear a little bit more about, you know, what happened, how long the fraud took place, who else was involved, whether the family members were involved. I mean, you could tell that Madoff was clearly trying to protect the family and his own employees in his elocution.”
The billionaire financier Bernie Madoff has pleaded guilty to all eleven counts against him for his role at the helm of one of the biggest frauds in Wall Street history. Madoff entered the plea Thursday at a federal courthouse here in New York. In a ten-minute statement, Madoff said he is “deeply sorry and ashamed” for his actions. Madoff is accused of running a $65 billion Ponzi scheme. He has been jailed pending a June sentencing hearing, where he faces up to 150 years in prison. Several former Madoff clients who lost their life’s savings were among the hundreds in attendance. Applause broke out in the courtroom when the judge announced Madoff would await his sentencing in jail.
Madoff victim Burt Ross: “Oh, sure. Tremendous satisfaction when they put the cuffs on him. That’s justice. We don’t live by mob rule. I was concerned that people would be yelling and shouting. There was none of that. It was a dignified courtroom.”
An attorney for a group of former Madoff clients, Rob Intelisano, said unanswered questions remain.
Rob Intelisano: “I think they’re satisfied that he’s going to jail immediately. I think they would have been happy to hear a little bit more about, you know, what happened, how long the fraud took place, who else was involved, whether the family members were involved. I mean, you could tell that Madoff was clearly trying to protect the family and his own employees in his elocution.”