Madoff Pleads Guilty; Judge Revokes Bail

Law360, New York (March 12, 2009, 12:00 AM EDT) -- “I operated a Ponzi scheme,” Bernard L. Madoff said Thursday before pleading guilty to 11 criminal charges. The disgraced financier was remanded into custody by a federal judge despite his lawyer's contention that he was no flight risk.

“I am painfully aware that I have deeply hurt many people,” Madoff said, his voice steady, as he read a lengthy statement of his crimes to a packed courtroom in the U.S. District Court for the Southern District of New York.

Madoff added he was “grateful for the...
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