Bernard Madoff has been remanded in custody after admitting that he orchestrated the biggest ever financial swindle on Wall Street. After pleading guilty to 11 fraud charges in New York, he is due to be sentenced in June.
The money manager and former Nasdaq market chairman has confessed to cheating investors out of billions of dollars, leaving many people in financial ruin. His victims right around the globe, range from banks to charities, but also include many individuals. Laura Stein, an investor and a victim of Bernard Madoff, said: “For the regular investor out there, I want to say to you: beware. You don’t need Bernard Madoff to be in big trouble these days, and we have regulatory agencies that are not doing their job.” Madoff told the court he was deeply sorry and ashamed of what he had done. It is estimated he took the equivalent of more than 50 billion euros from investors.