Disgraced Financier Madoff Pleads Guilty
March 12, 2009 at 7:30 AM (PT)
BERNARD MADOFF pleaded guilty TODAY (3/12) to all 11 felony charges brought by prosecutors in one of WALL STREET’s largest investment swindles, reports MSNBC. The guilty plea ends a half-century career that saw him rise to NASDAQ chairman and one of WALL STREET’s elite, and it could result in a maximum prison term of 150 years.
MADOFF, 70, also faces the prospect of coming face to face for the first time since his DECEMBER arrest with some of the thousands of investors whose accounts prosecutors say he oversaw since at least the 1980s.
MADOFF's list of victims included some in the entertainment, music and radio businesses, among them Talk-show host LARRY KING, STEVEN SPIELBERG's charitable foundations, as well as the estate of singer/songwriter JOHN DENVER and late CBS television boss WILLIAM PALEY.
Also, late ATLANTIC RECORDS impresario AHMET ERTEGUN are identified as investors.