Madoff pleads guilty, jailed as flight risk


NEW YORK (JTA) — Bernard Madoff was ordered to jail as a potential flight risk after pleading guilty to 11 counts of fraud stemming from his $64 billion Ponzi scheme.

New York Federal Court Judge Dennis Chin revoked his bail Thursday morning. Madoff, 70, will be sentenced June 16 and faces 150 years in prison.

Madoff, who admitted to his scam in November, was solemn in court, according to reports, offering a somber apology in a 10-minute address before the court.

"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he told Chin, according to CNBC.

Madoff said he felt the decades-long scam would be short lived but just kept growing.

"As the years went by, I realized my risk and that this day would inevitably come," he said.

Madoff went on to say that "The victims of my schemes included individuals, charities, pension funds and hedge funds."

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