NEW YORK - Bernard Madoff, former president of Nasdaq accused of orchestrating a financial fraud by $ 50 billion, will in the next three months in prison pending the 16 June his sentence. This was decided by Judge Denny Chin to the end of the hearing in federal court in Manhattan, where the financier pleaded guilty to all eleven counts of the process on the biggest fraud on Wall Street. Judge Chin, who accepted the guilty plea of \u200b\u200bMadoff, has also accepted the request of the prosecution pre-trial detention in prison pending the ruling, and not to extend the house arrest in the luxurious penthouse, Madoff on Park Avenue in New York . The businessman in his 70's faces a sentence of 150 years in prison and a compensation of 170 billion dollars.
"I am guilty ' - Passing through two rows of photographers, and curious Madoff angry victims of his trade he entered the courthouse where the judge asked him to tell the mechanisms of the operation that has sent smoke into the savings of thousands of pensioners, small investors, Hollywood celebrities and Nobel laureates. When asked "how do you plead?" The financier said "guilty." He said he felt "deeply sorry".
Ponzi scheme - has admitted that he set up a "Ponzi scheme " and said he "can not adequately express in words," his sorrow for the thousands of investors whose savings are gone up in smoke . Madoff said it had begun to build its financial house of cards in the nineties in response to the recession of that period: "I was hoping I can get out soon, but it was impossible."
March 12, 2009
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