Bernard Madoff jailed, pleads guilty, says 'sorry'

Convicted swindler Bernard Madoff (C) enters his plea of guilty in Manhattan Federal Court in this courtroom drawing March 12, 2009. REUTERS/Shirley Shepard (UNITED STATES CONFLICT SOCIETY BUSINESS)

Bernard Madoff was jailed after he pleaded guilty on Thursday of 11 felony counts that stated he cheated about 5,000 clients and made a fraud as big as $65 billion, according to Federal prosecutors. 

Madoff, 70, appeared Thursday morning at the Federal court in New York City and said he was "sorry" and "ashamed." Authorities lifted his bail and Madoff was imprisoned today. His sentence will be arranged in June 16.

"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," Madoff said, the L.A. Times reported. "As the years went by, I realized my risk and this day would inevitably come. I cannot adequately express how sorry I am for my crimes," he continued. According to reports, Madoff did not even look at his victims when they testified in court.

Madoff who once was chairman of the NASDAQ stock exchange made one of the biggest Ponzi scheme frauds ever. He is likely to spend the rest of his life in jail.

Below is the full list of the 11 felony charges to which Madoff pleaded guilty, according to an Associated Press summary report: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.