Madoff pleads guilty & is hauled to jail

Earlier today (March 12, 2009), Bernard L. Madoff plead guilty to all of the charges against him.

Although he expressed remorse for conducting a Ponzi scheme that defrauded investors out of billions of dollars, Judge Denny Chin of the United States District Court in Manhattan order that Madoff be immediately placed in jail to await sentencing on June 16, 2009.

Judge Chin explained that Madoff would have a huge incentive to flee because he is facing a life sentence.

See Diana B. Henriques and Jack Healy, Madoff Is Jailed After Pleading Guilty, NYT Times, March 13, 2009.