Updated from 11:02 a.m. EDT
Bernard Madoff formally pleaded guilty to all 11 felony charges brought by prosecutors in a New York courthouse Thursday and will await sentencing in jail.
Madoff, 70, told the court he was "deeply sorry" and "ashamed" by his actions after stating he was "guilty" when asked to enter a plea. The embattled money manager and former Nasdaq (NDAQ Quote) chairman is expected to be in prison for the rest of his life, as the maximum prison sentence carries a term of 150 years.
For the first time since his December arrest, Madoff admitted that he concealed fraud by sending false information to his clients. Madoff said he felt compelled to meet client investment expectations, which resulted in the massive Ponzi scheme that damaged thousands of investors. ...
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