Bernard Madoff, the disgraced financier accused of bilking investors of billions, admits guilt in Ponzi scheme. The former chairman of the Nasdaq stock exchange, Madoff pleaded guilty to 11 felony counts, including securities fraud, money laundering and perjury, that he allegedly cheated nearly 5,000 clients out of as much as $65 billion, according to federal prosecutors.
more details and photos of the big scam after the jump…
There is no agreement on sentencing but Madoff, 70, could likely be spending the rest of his life in jail for running what officials have said may be the nation’s biggest and most costly Ponzi scheme.
