Madoff: Yes, Your honour, I Ran A Huge Ponzi Scheme

Bernie Madoff pleaded guilty to all charges against him. He also said he was “deeply sorry” and “ashamed.”

Madoff was also dragged away to jail, after the judge refused to let him remain free until sentencing. 

Madoff will eventually likely be sent to a maximum security prison, says a legal expert on CNBC, because his sentence will be more than 25 years. The judge said Madoff will have no chance of parole.

Here’s a picture of where he’ll be spending tonight >

Here’s the AP’s list of charges and possibly penalties:

  • Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offence; restitution.
  • Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.
  • Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.
  • Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.
  • Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.
  •  Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.
  • Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.
  • Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.
  • Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.
  • Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.
  • Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labour union pension plans. Maximum penalty: Five years in prison, fine and restitution.

 

 

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