Bernie Madoff Pleads Guilty Bail Revoked

Con-artist Bernie Madoff, the man behind the largest ponzi scheme in U.S. history pleaded guilty today. Earlier today Madoff appeared before U.S. District Judge Denny Chin in Manhattan to plead guilty to to 11 counts including securities fraud, wire fraud, and money laundering.

Bloomberg reported :

More than a dozen television trucks and over 100 members of the media were outside federal court this morning. Victims and other spectators passed through metal detectors seeking a spot in the courtroom or in one of the overflow rooms into which the court will be broadcasting the expected guilty plea.

Source : http://www.bloomberg.com

Madoff told Judge Chin that back in the early 1990s, when the United States was in a financial recession, he felt “compelled’” to provide the kind of returns he promised his investors. He said when the Securities and Exchange Commission asked about it and he lied directly to the SEC.

Madoff’s guilty plea shows the downfall of a highly acclaimed money manager who told the world his fortune came from a successful firm that specialized in making markets, trading securities and financially advising wealthy clients.

Official sentencing for Bernie Madoff is set for June 16th.

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