US/World economic crisis

Madoff apologises and is jailed pending trial

Article published on the 2009-03-12 Latest update 2009-03-12 15:48 TU

Madoff enters the Manhattan federal court house in New York
(Photo: Reuters)

New York judge Denny Chin has sent Wall Street investor Bernard Madoff to jail after he pleaded guilty to eleven charges of fraud, which prosecutors say cost investors 177 billion dollars (139 billion euros). Chin said that sentence will be passed on 16 June. Madoff, who pleaded guilty, faces up to 150 years in jail.

Madoff, whose scam had worldwide effects, declared that he was

"deeply sorry and ashamed."

He pleaded guilty to eleven charges of fraud, money-laundering and theft.

"I believed it would end quickly and I would extricate myself and my clients," he said. "This proved difficult and, in the end, impossible. I cannot adequately express how sorry I am. I am here today to accept responsibility for my crimes."

Prosecutors say that they will also work to recover the billions of dollars that Madoff is alleged to have received from clients over two decades. He paid some of that money out to other clients, to give the illusion of high investment returns.

The defence claims that the 177 billion dollar figure is "grossly overstated".