Madoff Jailed!


After Bernie Madoff pleaded guilty to eleven counts of theft, perjury, money laundering, and fraud, Judge Denny Chin remanded the legendary Ponzi schemer to jail to await his sentencing on June 16. Up until now he’s been allowed to stay in his Manhattan apartment, but Chin explained that this would no longer suffice. “He has incentive to flee, he has the means to flee, and thus he presents the risk of flight,” he said. “Bail is revoked.” Even with their nemesis behind bars, several victims in the courtroom were left unsatisfied. “If we go to trial we have more of a chance to comprehend the global scope of this horrendous crime,” Maureen Ebel told the judge. “We can hear and bear witness to the pain that Mr. Madoff has inflicted on the young, the old, and the infirm.”

Madoff, for his part, was contrite and quiet. “I believed it would end shortly and I would be able to extricate myself and my clients from the scheme,” he said. “I cannot adequately express how sorry I am for what I have done.” He’ll have plenty of alone time to think about it now that he’s in jail — and that’s before his sentence of up to 150 years even begins.

Madoff Is Jailed After Pleading Guilty [NYT]