US Financier Bernard Madoff Admits 50 Billion Dollar Fraud
Bernard Madoff admitted to stealing billions of dollars and bilking investors in a ponzi scheme. Bernie walked into the court building a free man and exited in handcuffs. Madoff assumed full responsibility for the elaborate scheme while pleading for his family and saying he was sorry and did everything on his own. Notorious swindler Bernie Madoff is lukcy to be alive. The scam king wore a bullet proof vest while manuvering through a crowd of angry former clients/victims. Many of the formerly wealthy Madoff victims who have been added to the welfare roles stated the prison was too good for Madoff.
A contrite Madoff said he was deeply sorry for the Ponzi scheme, which he said began in the 1990s during an economic downturn. He said he felt "compelled" to get results "at any cost" and began to send out false statements.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," Madoff said. "As the years went by, I realized my risk and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."
Madoff took full responsibility for what federal officials say was a $65-billion fraud. His comments were designed to protect members of his family who were also involved in the firm, but investors, who are looking to recover funds wherever they can, were dubious. Authorities also indicated that they are continuing their probe into wrongdoing by others connected to Madoff.
In a hearing that lasted less than two hours, the onetime giant in the investment and philanthropy communities said he knew could receive as much as 150 years in jail when sentenced.
U.S. District Judge Denny Chin accepted the guilty plea and set sentencing for June 16.
Then the judge intoned: "He has the incentive to flee. He has the means to flee."
The jurist ordered that Madoff, who had been free on $10 million bail, be jailed. Officers cuffed him and escorted him out of the courtroom to the federal jail across the street.
The revocation of bail followed a dramatic confrontation during which three victims spoke in court, the first time Madoff had to listen to the anger of his defrauded investors. Madoff did not look at any of the trio who spoke.
"He didn't commit these crimes alone," said one man, who was an investor. "It must have required an army" to help him produce the documents used to perpetrate the fraud. [LA TIMES]