The moment that many of Bernard Madoff’s victims have been waiting for has arrived: He has publicly described his crimes.
At the court proceeding this morning at which he pleaded guilty, Madoff declared: “I cannot adequately express how sorry I am for what I have done.”
CNBC describes the scene:
As the proceeding began, Madoff asked if he could have some water.
Judge Denny Chin swore Madoff in and asked him for his plea. After Madoff said he was pleading guilty, Chin explained that he would ask a series of questions before deciding whether to accept the plea.
“Mr. Madoff, you can be seated; pour yourself some water,” Chin told him.
Chin went on to ask Madoff, “Do you understand parole has been abolished?” Madoff said, “Yes.” Chin is due to sentence Madoff at a later date.
In his plea, Madoff made these statements:
“Your honor for many years … I operated a ponzi scheme.”
“I am grateful for this opportunity to speak” and explain that “I am deeply sorry and ashamed.”
“I cannot adequately express how sorry I am for what I have done.”
Madoff went on to say, “The victims of my schemes included individuals, charities, pension funds and hedge funds.”
Madoff made a distinction between his investment business which was the fraud and the other businesses which he said were legit. “The other businesses were legitimate, profitable …in all respects and those businesses were run by my brother and my sons,” said Madoff.