New York State Supreme Court Judge Denny Chin Thursday ordered that admitted fraudster Bernard Madoff be jailed as he awaits sentencing, according to Bloomberg.
Madoff will appear for sentencing on June 16, where he faces up to 150 years in prison for 11 charges he admitted to. Prosecutors estimated his securities business fraud drew in as much as $65 billion from investors.
“I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed,” he told Judge Chin, according to the Associated Press.
He said he began the fraud in the early 1990s after an economic recession at the time, saying he felt “compelled” to return the returns he had promised to investors, he said, according to Bloomberg. He thought it his illegal activities would only last a short time.
The crimes admitted to include securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, making false statements, perjury, false filings with the U.S. Securities and Exchange commission and theft from an employee benefit plan.
Prosecutors estimate Madoff’s fraud drew in as much as $65 billion since the late 1980s until he was arrested in December of last year.