Mar 12, 2009

Madoff pleads guilty

As was anticipated, Bernard Madoff today pleaded guilty to bilking investors out of an estimated $65 billion. From the Los Angeles Times:
The former chairman of the Nasdaq stock exchange, Madoff acknowledged 11 felony counts, including securities fraud, money laundering and perjury, that allege he cheated nearly 5,000 clients out of as much as $65 billion, according to federal prosecutors. There is no agreement on sentencing, but Madoff, 70, could spend the rest of his life in jail for running what officials have said may be the nation's biggest and most costly Ponzi scheme.

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