Madoff goes to jail for running Ponzi scheme

Bernie L. Madoff pleaded guilty to all charges against him for running the largest Ponzi scheme at a hearing in Federal District Court on Thursday, Mar. 12. He also said he was deeply sorry and ashamed.

Mr. Madoff delivered a plea allocution, essentially an explanation of his crime and an acknowledgment of guilt. “I am painfully aware that I have 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,” he said in his statement. “I cannot adequately express how sorry I am for what I have done.”

Madoff was also pulled away to jail, after the judge Denny Chin refused to let him remain free until sentencing. “I don’t need your statement,” the judge told prosecutors, who were waiting to argue against setting Madoff free until his sentencing time in June. “It is my intention to remand.”

Here's the AP's list of the government’s 11 counts and possibly penalties:

Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.

Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.

Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.

Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.

Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.

Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.

Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.

Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.

Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.

Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.

Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.