Bernie Madoff Pleads Guilty to All Charges
Posted on March 11, 2009
Bernie Madoff has plead guilty to all charges, in a shocking courtroom scene. Madoff, who admitted to running a giant Ponzi scheme in which he took investors' money and only pretended to invest it, has bankrupted scores of wealthy clients and many Jewish charities. But he didn't just rip off strangers: he defrauded close friends and even his mentor of 40 years. The losses are estimated to be in the billions.
The fact that he plead guilty without a plea deal is extraordinary. He won't be sentenced for months, but will most likely face life imprisonment. Many victims are demanding to make statements at the hearing on Thursday as is allowed by New York law. Court officials expect the proceedings to be quite emotional as investors confront the man who wiped out their life savings.
Madoff was made to look the joker on the clever New York Magazine cover. The article calls him "The Monster Mensch."