The Madoff Scandal - Madoff pleads guilty to fraud, says "deeply sorry"

The Madoff Scandal - Madoff pleads guilty to fraud, says "deeply sorry"

NEW YORK (Reuters) - Bernard Madoff pleaded guilty on Thursday to charges he orchestrated the biggest financial swindle in Wall Street history, cheating investors out of billions of dollars in a fraud whose magnitude shocked the public and drew demands for stricter regulations.
"I cannot adequately express how sorry I am for what I have done," the gray-haired 70-year-old Madoff said as he pleaded guilty to 11 criminal charges.

Here's the AP's list of charges and possibly penalties:

* Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.

* Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.

* Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.

* Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.

* Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.

* Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.

* Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.

* Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.

* Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.

* Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.

* Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.

Bernard Madoff arrives at court
(01:03) Rough Cut Video Reuters

MAR 12 - Bernard Madoff arrives at court where he is expected to plead guilty. Alleged victims of his ponzi scheme speak out.
Bernard Madoff, accused of an "unprecedented" $50 billion financial swindle, was charged on Tuesday with 11 criminal counts that could put him in prison for the rest of his life. Wall Street money manager. He is expected to plead guilty to charges that carry a possible sentence of life in prison. Madoff is charged with 11 criminal counts in connection with a $50 billion dollar financial swindle