Many of Madoff’s victims were Jews and Jewish charities, which trustedhim because he is Jewish. Those cheated included Nobel Peace Prizewinner and Holocaust survivor Elie Wiesel.
Careful to blame only himself, a “deeply sorry and ashamed” Bernard Madoff pleaded guilty Thursday to pulling off what could be the biggest, most spectacular swindle Wall Street has even seen, and was sent off to jail in handcuffs to the applause of his furious victims.
“Irealized that my arrest and this day would inevitably come,” Madoffsaid in a courtroom crammed with many of the investors he cheated outof billions of dollars.
The 70-year-oldfinancier could get up to 150 years in prison at sentencing June 16 on11 counts, including securities fraud and perjury. He could also befined and ordered to pay restitution to his victims and forfeit anyill-gotten gains.
In a long, detailed statement delivered in a soft but steady voice, Madoff implicated no one but himself in the vast Ponzi scheme.He said he started it as a short-term way to weather the early-1990srecession and was unable to extricate himself as the years went by.
“Iam actually grateful for this opportunity to publicly comment about mycrimes, for which I am deeply sorry and ashamed,” Madoff said in hisfirst public comments about his crimes since the $65 billion scandalbroke in early December.
The scandal turned awell-respected investment professional — Madoff was once chairman ofthe Nasdaq exchange — into a symbol of Wall Street greed amid the economic meltdown. The public fury toward him was so great that he was known to wear a bulletproof vest to court.
U.S. District Judge Denny Chinpromptly revoked the $10 million bail that had allowed Madoff to remainfree since he confessed to his sons three months ago. In ordering himjailed, the judge said Madoff had the means to flee and an incentive todo so because of his age.
The court appearancecame as a disappointment to many of Madoff’s investors, who hoped tohear him say who might have helped him pull off the scam, and where themoney went.