Madoff says sorry for PS47bn swindle

March 14th, 2009 - 1:18 pm ICT by ANI  

London, March 14 (ANI): Bernard Madoff apologised for committing the largest investor fraud ever, amounting to as much as 47 billion pounds, while being sent behind the bars.

The 70-year-old pleaded guilty to an 11-count federal criminal complaint in a New York court that left him facing a maximum 150-year sentence for the swindle.

The ex chairman of the Nasdaq electronic stock exchange begged forgiveness for his crime that ripped pensioners, charities and thousands of people, from aristocrats to Holocaust survivors.

Many celebrities including Steven Spielberg and Kevin Costner too had fallen victim to Madoffs Ponzi scheme, a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from any actual profit earned.

I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed, the Daily Express quoted Madoff as saying.

As the years went by, I realised my risk and that this day would inevitably come. I cannot adequately express how sorry I am for my crimes.

Im aware that I have hurt many people. Im here today to accept responsibility, he added. (ANI)

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