Bernie Madoff Pleads Guilty, Admits He 'Deeply Hurt' Many People; Will Be Jailed Pending Sentencing on June 16

March 12, 2009 10:52 AM EDT

Ringleader of the most jaw-dropping Ponzi scheme in history, Bernard Madoff has formally pleaded guilty to 11 charges, including fraud and international money laundering. UPDATE: The judge has now formally accepted Madoff's guilty plea.

Madoff is now appearing in front of a NY judge and faces up to 150 years in prison. Madoff is currently giving his opening statement, admitting that he has deeply hurt many people and should be publicly ashamed.

Some comments coming out of the courtroom:

• Madoff thought the Ponzi scheme would end shortly after he began the scam
  
• the trading, market-making and U.K. operations of his firm were "legitimate"
  
• he felt compelled to meet client investment expectations
  
• says he charged 4 cents a share on purported trades

UPDATE: Madoff will be sentenced on June 16. The judge has also said that Madoff will be jailed pending his sentence and will not be allowed to return to his penthouse.

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