Bernard Madoff Pleads Guilty on All Counts of Fraud Charges

Bernard Madoff has pled guilty to all 11 charges he was facing in relation to one of the largest scams in Wall Street history in which he defrauded investors out of nearly $50 billion.

The disgraced financier was facing a number of charges that included wire fraud, securities fraud, mail fraud, money laundering and making false statements. Prosecutors have been pushing for the maximum sentence for Madoff, a 150-year jail term.

While Madoff, 70, pled guilty on Thursday the sentencing isn’t expected for several months.

Because the sentencing phase won’t begin for some time the judge in the case is expected to rule on whether Madoff should remain free on bail. He has been under house arrest since December, confined to his Manhattan luxury apartment.

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