Now they should get his wife to go along with him.
I am very surprised that this person is still alive.
Not for sure how long.As he ripped off all of these
people.I am sure that he has millions stashing somewhere.
Once he get in jail,watched out.
He will not be in it too long.
Why did it take so long in this.
This is way back in the eighties.
Someone out there is also involved in this.
Surely they will be more names coming up.
Client has lost billions of dollars.
How many people have lost money from this person.





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Rather than letting Mr. Madoff remain free on bail and return to his apartment on the Upper East Side of Manhattan, Judge Denny Chin of Federal District Court ordered Mr. Madoff remanded as he awaited sentencing.

“He has incentive to flee, he has the means to flee, and thus he presents the risk of flight,” Judge Chin said. “Bail is revoked.”

Some of the dozens of Mr. Madoff’s victims in the downtown Manhattan courtroom began to applaud the ruling but were cautioned by Judge Chin to remain silent. As Mr. Madoff’s hands were cuffed behind his back, some victims pointed and nodded with apparent satisfaction.

And as he was led out of the richly paneled courtroom into an antiseptic white-tiled hallway, at least two of his victims were in tears.

“They are tears of relief,” explained Norma Hill of Armonk, N.Y., who sat in the first row of the packed courtroom. “It was a very courageous stand that the judge took. It has restored my faith in the justice system.”

Behind her, Adriane Biondo of Los Angeles wept with anger. “I’m angry,” she said, explaining that her family’s devastating losses have left elderly relatives “sick with fear.” She added, “It’s emotional — 120 cumulative years of hard work is gone.”

The 11 counts of fraud, money laundering, perjury and theft to which Mr. Madoff pleaded guilty carry maximum terms totaling 150 years. Sentencing was scheduled for June 16.

Dressed in a charcoal-gray suit and medium gray tie, Mr. Madoff, 70, followed his legal team into a courtroom packed with journalists, lawyers and some of his victims.

Mr. Madoff stood, was sworn in and reminded that he was under oath. Noting that he had waived indictment, Judge Chin asked, “How do you now plead, guilty or not guilty?”

“Guilty,” Mr. Madoff responded.

With his lawyer, Ira Lee Sorkin, standing to his right, Mr. Madoff began to answer questions from Judge Chin about whether he understood the ramifications of his guilty plea, whether he was satisfied with his legal representation and whether he was competent to enter the plea.

At first, Mr. Madoff’s voice was barely audible as he answered the judge’s questions.

“Try to keep your voice up so that I can hear you, please,” Judge Chin said. At one point, Mr. Madoff asked for water, sipping from a bottle that one of his lawyers handed him.

In recounting how he began the fraud, whose collapse erased as much as $65 billion that his customers thought they had in their accounts, Mr. Madoff said: “I believed it would end shortly and I would be able to extricate myself and my clients from the scheme. However, this proved difficult, and ultimately impossible.”

He continued, stumbling slightly over the word order in his prepared remarks, “As the years went by I realized this day, and my arrest, would inevitably come.”

Mr. Madoff acknowledged that he had “deeply hurt many, many people, including the members of my family, my closest friends, business associates and the thousands of clients who gave me their money,” adding, “I cannot adequately express how sorry I am for what I have done.”

Although Mr. Madoff admitted to operating what he called “a Ponzi scheme through the investment advisory side of my business,” he insisted that the other businesses that his stock-trading firm conducted, managed by his brother and his sons, “were legitimate, profitable and successful in all respects.”

Mr. Madoff’s fraud was a global scheme that ensnared hedge funds, nonprofit groups and celebrities and decimated the life savings of thousands of people.

Some of them came to court on Thursday to speak during the 75-minute court hearing.

One was Maureen Ebel, who said: “If we go to trial, we have more of a chance to comprehend the global scope of this horrendous crime. We can hear and bear witness to the pain that Mr. Madoff has inflicted on the young, the old and the infirm.”

Judge Chin asked Marc O. Litt, the federal prosecutor handling the case, to address her concerns. He said only that the government was continuing its investigation and was looking for assets and anyone else who might be criminally responsible.

It remains unclear where the billions of dollars lost by the victims have gone, and whether those victims will ever see any meaningful restitution. Prosecutors have said the government is seeking $170 billion in forfeited assets from Mr. Madoff, apparently representing all the money that ran through Madoff accounts traceable to the crimes.

A court-appointed trustee liquidating Mr. Madoff’s business has so far been able to identify only about $1 billion in assets to satisfy claims.

This week, the government said Mr. Madoff had 4,800 client accounts at the end of November, supposedly containing $64.8 billion in customer savings. But the government said Mr. Madoff’s business “held only a small fraction of that balance.”

As Mr. Madoff arrived at the courthouse early Thursday morning, helicopters buzzed overhead and television news trucks lined the street. The day’s events were a milestone in the story of a man whose name has become shorthand for an entire era of greed and deceit on Wall Street.

With the promise of steady, unwavering returns, Bernard L. Madoff Investment Securities enticed thousands of investors, including boldface names like Senator Frank Lautenberg of New Jersey and the Hall of Fame pitcher Sandy Koufax, and a charity run by the Nobel Peace Prize laureate Elie Wiesel.

This week, the government offered more details on how Mr. Madoff ran the fraud that had financed his beachfront mansion in the Hamptons, an estate near the French Riviera and yachts in New York, Florida and the Mediterranean.

Prosecutors said that Mr. Madoff concocted an elaborate charade to make it seem as if he were running a legitimate investment business when, in reality, “no such business was actually being conducted.”

He hired employees with little training or experience and directed them to generate false monthly account statements.

He shuttled millions between banks in New York and London to make it seem as if he was “conducting securities transactions in Europe on behalf of investors when, in fact, he was not conducting such transactions,” prosecutors said. And they said he repeatedly lied to regulators from the Securities and Exchange Commission to cover up his scheme.
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