Hedge Funds

Madoff jailed following guilty pleas

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Bernard Madoff pleaded guilty Thursday to having masterminded the largest financial fraud in modern times, giving a 10-minute confession (text here) during which he made several statements regarding the execution of his scheme that were intended to shield his family and former employees from blame. The 70-year-old fraudster pleaded guilty to 11 criminal charges, including perjury and securities fraud, and faces up to 150 years in prison, the forfeit of any ill-gotten gains, and fines.

His sentencing is set for June 16. After pleading guilty, Madoff was taken to the Metropolitan Correctional Center in lower Manhattan where