Madoff Pleads Guilty to 11 Felony Counts

Today, according to msnbc.com, financier Bernie Madoff has pleaded guilty to all charges held against him. Madoff was involved in perhaps the largest Ponzi Scheme of all-time, and his disgraceful and deceitful actions have cheated countless people and organizations out of all of their life savings. He pleaded guilty to 11 felony charges, and could potentially receive a sentence of 150 years in jail.

“'I cannot adequately express how sorry I am for what I have done,” Madoff told the court, admitting that for many years he had operated a Ponzi scheme. He added that he is “painfully aware” that he has “deeply hurt many many people,'” according to MSNBC.

It is estimated that Madoff cost his investors in between ten and sixteen billion dollars. In addition, not only did numerous people lose money, years of philanthopy done for charities have been wiped out. Jewish organizations, such as Hadassah and Taglit Birthright Israel have basically been depleted because of investing with Madoff.


Hopefully, Madoff will receive a proper punishment for cheating so many people out of their live savings and their trust for the business world.