Crime of the century: Madoff pleads guilty
Thursday 12th March 2009, 2:26PM GMT.
Bernard Madoff has pleaded guilty to 11 criminal charges over the largest financial fraud in history.
At the federal courthouse in New York on Thursday Madoff, as expected, admitted running a Ponzi scheme he claims was worth $50 billion.
Prosecutors allege the true extent of the fraud could be closer to $64 billion.
Today’s guilty pleas mark the ruin of a half-century career that saw the 70-year-old financier become the chairman of Nasdaq.
The fraud unravelled last year when stock markets across the world tumbled, making Madoff suddenly unable to pay back investors trying to withdrawn their funds.
It is unclear whether Madoff has entered into a plea bargain with US authorities or whether he has pleaded guilty without any cooperation.
The crimes he has admitted to carry a maximum sentence of 150 years.
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