NEW YORK â 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.
"I realized that my arrest and this day would inevitably come," Madoff said in a courtroom crammed with many of the investors he cheated out of billions of dollars.
The 70-year-old financier could get up to 150 years in prison at sentencing June 16 on 11 counts, including securities fraud and perjury. He could also be fined and ordered to pay restitution to his victims and forfeit any ill-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-1990s recession and was...
II Corinthians 10For godly[g] sorrow worketh repentance unto salvation, a repentance which bringeth no regret: but the sorrow of the world worketh death.
Geneva Bible Notes
[g] God's sorrow occurs when we are not terrified with the fear of punishment, but because we feel we have offended God our most merciful Father. Contrary to this there is another sorrow, that only fears punishment, or when a man is vexed for the loss of some worldly goods. The fruit of the first is repentance, and the fruit of the second is desperation, unless the Lord quickly helps.