According to the NY Times...
Bernard Madoff was led in handcuffs off to jail after pleading guilty to 11 accounts of fraud, money laundering, perjury, and theft today in which he is liable to be sentenced to 150 years of prison. Madoff was responsible for stealing BILLIONS of consumers money, from "hedge funds, nonprofit groups, and celebrities". His bail was revoked as the judge didn't want him to have the opporutnity of lounging in his penthouse on house arrest (which would be SO BAD right? haha) or possibly flying out of the country. He went straight to jail.
This is what he had to say:
“As the years went by, I realized this day, and my arrest, would inevitably come. I cannot adequately express how sorry I am for what I have done,” he said. “I am deeply sorry and ashamed.”
Madoff is 70 years old, locking him up for 150 years maximum! Wow, do the crime gotta pay the time... swindling billions of dollars is crazy and utterly one of the worst fraud schemes in history.