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Madoff admits running $50bn fraud Madoff admits $50bn fraud scheme
(10 minutes later)
Disgraced US financier Bernard Madoff has pleaded guilty to all 11 charges surrounding a $50bn (£35bn) fraud.Disgraced US financier Bernard Madoff has pleaded guilty to all 11 charges surrounding a $50bn (£35bn) fraud.
Mr Madoff, 70, ran a Ponzi scheme where early investors were paid off with the money of new clients. Madoff, 70, ran a Ponzi scheme where early investors were paid off with the money of new clients.
Prosecutors want him to get a 150-year jail sentence, but he is unlikely to be sentenced for a number of months.Prosecutors want him to get a 150-year jail sentence, but he is unlikely to be sentenced for a number of months.
The hearing is also set to allow some of Mr Madoff's thousands of victims to address the court. At least 20 of Mr Madoff's investors have asked to speak. The hearing is also set to allow some of Madoff's thousands of victims to address the court. At least 20 of Madoff's investors have asked to speak.
The court hearing is also expected to rule on whether Mr Madoff should be allowed to continue to remain on bail. The court hearing is also expected to rule on whether Madoff should be allowed to continue to remain on bail.
Since his arrest in December Mr Madoff has been confined to his luxury Manhattan apartment. Since his arrest in December, Madoff has been confined to his luxury Manhattan apartment.
"How do you plead?" Judge Denny Chin asked Madoff as the hearing opened in the New York courtroom.
"Guilty," he replied.
'A genius''A genius'
A former chairman of the Nasdaq stock market, Mr Madoff has been a Wall Street figure for more than 40 years. A former chairman of the Nasdaq stock market, Madoff has been a Wall Street figure for more than 40 years.
You're dealing with the greatest con artist probably in the history of the world Madoff investor Burt Ross, a former town mayorYou're dealing with the greatest con artist probably in the history of the world Madoff investor Burt Ross, a former town mayor
He is the only person accused in the scandal surrounding his firm, Bernard L Madoff Investment Securities, and his 11 charges include four counts of fraud.He is the only person accused in the scandal surrounding his firm, Bernard L Madoff Investment Securities, and his 11 charges include four counts of fraud.
In addition, he is charged with three counts of money laundering, making false statements, perjury, making a false filing to the US financial watchdog, and theft from an employee benefit plan. In addition, he has pleaded guilty to three counts of money laundering, making false statements, perjury, making a false filing to the US financial watchdog, and theft from an employee benefit plan.
One of Mr Madoff''s victims, Burt Ross, a former mayor of New Jersey town Fort Lee, told the BBC he did not expect to recover a single cent of the $5m he invested. One of Madoff''s victims, Burt Ross, a former mayor of New Jersey town Fort Lee, told the BBC he did not expect to recover a single cent of the $5m he invested.
"Bernard Madoff is a genius," said Mr Ross. "You're dealing with the greatest con artist probably in the history of the world."Bernard Madoff is a genius," said Mr Ross. "You're dealing with the greatest con artist probably in the history of the world.
"He created a mystique and associated with extraordinarily well respected and revered people, and so he was given the benefit of the doubt by financial regulators who blew it badly.""He created a mystique and associated with extraordinarily well respected and revered people, and so he was given the benefit of the doubt by financial regulators who blew it badly."
Investigators say they are continuing efforts to recover all the money Mr Madoff has stolen, but most commentators - and most of his investors - say it is highly unlikely that any more than a very small amount will be found. Investigators say they are continuing efforts to recover all the money Madoff has stolen, but most commentators - and most of his investors - say it is highly unlikely that any more than a very small amount will be found.
Mark Raymond, a lawyer representing some of Mr Madoff's victims, said it would be wrong to think of them all being multimillionaires. Mark Raymond, a lawyer representing some of Madoff's victims, said it would be wrong to think of them all being multimillionaires.
Despite widespread press coverage of famous names and a wealthy elite, Mr Raymond, of law firm Broad and Cassel, said many were normal working people, including a retired couple from Atlanta.Despite widespread press coverage of famous names and a wealthy elite, Mr Raymond, of law firm Broad and Cassel, said many were normal working people, including a retired couple from Atlanta.
"He's 82, she's 78, and they are both looking for work because they have lost everything," he said."He's 82, she's 78, and they are both looking for work because they have lost everything," he said.