Updated from 11:02 a.m. EDTBernard 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) 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. U.S. District Judge Denny Chin remanded Madoff into custody, and he will await sentencing in prison, as opposed to his $7 million Manhattan penthouse. Sentencing is expected to be June 16. During the hearing, Madoff said he was painfully aware that he has hurt investors and made a point to acknowledge that the businesses run by his brother and sons were legitimate, according to CNBC.