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Disgraced money manager Bernard Madoff apologized to a courtroom
packed with former investors as he pleaded guilty to 11 charges of
fraud and was ordered to jail.
Here are quotes from the courtroom:
- "Mr Madoff, tell me what you did" - US District Judge Denny Chin
- "Your Honor, for many years up until my arrest on December 11, 2008, I operated a Ponzi scheme." - Bernard Madoff
- "I am actually grateful for this first opportunity to publicly speak about my crimes, for which I am so deeply sorry and ashamed." - Madoff
- "I am painfully aware I have deeply hurt many, many people." - Madoff
- "When I began my Ponzi scheme, I believed it would end shortly and I would be able to extricate myself and my clients from the scheme." - Madoff
- "I am here today to accept responsibility for my crimes by pleading guilty and, with this plea allocution, explain the means by which I carried out and concealed my fraud." - Madoff
- "I think it's a first step toward what we should have seen three months ago." - Investor Ronnie Sue Ambrosino following judge's decision to have Madoff immediately jailed
- "It's just a standard statement from a guilty person." - Investor Judith Welling, after hearing Madoff's comments to the judge
- "A lot of resources are being expended both to find assets and to find anyone else who may be responsible for this fraud." - Assistant US Attorney Marc Litt
- "I don't know whether you had the chance to turn around and look at the many victims." - investor George Nierenberg
- "I think we're all just very satisfied with what happened. We're pleased that he's going to be where he deserves to be." - Investor Brian Felsen, after Madoff ordered jailed
- "I would gladly trade his having a relatively minor jail sentence for his turning up where the assets are. I think that's true of a lot of people. I hope that he gets the most restrictive, worst environment possible." - Investor Jesse Cohen
