Who is watching the store?


NEW YORK (CNNMoney.com) -- Bernard Madoff, who stole billions from investment clients, pleaded guilty on Thursday to all 11 criminal counts in one of Wall Street's biggest swindles ever.

"I operated a Ponzi scheme," said Madoff to the packed courtroom, after U.S. District Judge Denny Chin told him to explain his crimes.

"I thought it would end quickly, but it proved impossible," said Madoff, who stole from more than 4,000 victims through his investment firm. "I am ashamed for these criminal acts. I always knew this day would come."

The 70-year-old defendant could face a maximum 150-year sentence. Madoff probably won't be sentenced for at least 90 days.

His sentencing was set for June 16.

Madoff admitted that he never invested his clients' money, and that he deposited the funds into a "Chase Manhattan" bank.

"When money was requested, I paid it out from the Chase account," he said.

As Madoff wrung his hands and made other nervous gestures, the judge suggested that he pour himself a glass of water.

Madoff created a decades-long scheme in which new investments were used to fund payoffs to earlier investors, to falsely create the appearance of legitimate returns.

Richard Friedman, an accountant who said he lost $3.1 million to Madoff, told CNN that he hopes Madoff is sentenced to the full 150 years and that he "lives a very long life" in prison.

"The crime is really unimaginable," said Friedman. "It's not just a typical Ponzi scheme. It affects society as a whole. You don't just have to be a Madoff investor to be affected by this."

Friedman also blamed the Securities and Exchange Commission for allowing the scheme to go undetected for so long, and said that Madoff's family members are probably complicit and should go to prison.

"There's no way he could have acted alone," said Friedman. "There had to be other people involved. The whole family, as far as I'm concerned, once proof becomes available, should be thrown in jail."

In Thursday's court proceeding, Madoff faced many of his alleged victims -- with 50 courtroom seats reserved for them. Some of the investors entrusted all their savings to his firm, Bernard L. Madoff Investment Securities LLC.

So far, Madoff has successfully avoided detention since his December arrest, posting $10 million bail and cloistering himself with his wife in their $7 million Manhattan apartment. The judge presiding over his case is likely to make a fresh decision Thursday whether to order him jailed following a guilty plea.

He was able to remain in his residence, despite accusations from federal prosecutors that he tried to hide his assets from seizure by mailing diamond-studded jewelry to relatives. Only a fraction of the missing money has been recovered.

Allan Chernoff CNN senior correspondent and New York bureau staffers Julian Cummings, Laurie Segall and Deborah Brunswick contributed to this report.

this guy stole so much money from SO many MLB players.



But, I don't feel bad for any of them. Greed is an evil, evil sin.

JerseyKRS said:

Even if they did not KNOW they were getting played?

Graycap23 said:

Okay, from what I understand of the details of the case, he would offer to double peoples money.

MLB MINIMUM salary is $390,000.

Even if they didn't know they were getting played, how much money do people need? I guess I'm just becoming more Socialist in my old age.



I do feel for them for getting scammed. If it sounds too good to be true, isn't that usually the case?

I'm sure he ripped off regular joes too, I feel more sympathy for them than the Giambi's that are crying about how they got ripped off. Give me a break.

jers there are plently of retirees who have nothing now because of this guy. it may have been too good to be true but it wasn't operating out of some back alley. i hope the regulators get shook up.

http://msnbcmedia.msn.com...fflist.pdf


This is the FULL list of everyone and organizations and charities that this scumbag has screwed!!!! The famous ones are not even mentioned cos of obvious reasons of privacy!!!!