Thursday 12 March 2009
Madoff admits $50bn fraud scheme
Disgraced US financier Bernard Madoff has been jailed after pleading guilty to all 11 charges surrounding an estimated $50bn (£35bn) fraud. Some of his victims clapped when he was handcuffed and led out of a New York courtroom. He had earlier said he was "deeply sorry and ashamed". The 70-year-old defrauded thousands of investors in a fraud he admitted had been running since the early 1990s. Due to be sentenced in June, he could receive up to 150 years.
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