Article published on the 2009-03-12 Latest update 2009-03-12 15:48 TU
"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".
2009-01-09 13:08 TU
2008-12-29 10:48 TU
2008-12-15 15:28 TU