Judge Orders 'Ashamed' Madoff to Jail on Guilty Plea

By Matt Cantor,  Newser Staff

Posted Mar 12, 2009 10:34 AM CDT

(Newser) – Bernard Madoff pleaded guilty this morning to all 11 felony charges against him, saying he was "sorry and ashamed" for his criminal acts. The judge accepted the plea and revoked Madoff's bail, bringing cheers from spectators in the courtroom. Madoff was escorted out in handcuffs and will remain in custody until his sentencing on June 16. He faces a maximum prison term of 150 years.

The plea marks the first time Madoff has spoken publicly about his Ponzi scheme. "As the years went by, I realized my risk, and this day would inevitably come," he told the court in a steady voice. "I cannot adequately express how sorry I am for my crimes." But some of his victims aren't satisfied with that; some investors say they're protesting the guilty plea because it doesn't include conspiracy charges.

Heavily armed officers guard the perimeter around Manhattan federal court before the arrival of Bernard Madoff Thursday, March 12, 2009, in New York.
Heavily armed officers guard the perimeter around Manhattan federal court before the arrival of Bernard Madoff Thursday, March 12, 2009, in New York.   (AP Photo/ Louis Lanzano)
Bernard Madoff arrives at Manhattan federal court, Thursday, March 12, 2009, in New York.
Bernard Madoff arrives at Manhattan federal court, Thursday, March 12, 2009, in New York.   (AP Photo/ Louis Lanzano)
Bernard Madoff arrives at Manhattan federal court, Thursday, March 12, 2009, in New York.
Bernard Madoff arrives at Manhattan federal court, Thursday, March 12, 2009, in New York.   (AP Photo/ Louis Lanzano)
Bernard Madoff arrives at Manhattan federal court Thursday, March 12, 2009, in New York.
Bernard Madoff arrives at Manhattan federal court Thursday, March 12, 2009, in New York.   (AP Photo/ Louis Lanzano)
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