Bernard Madoff Pleads Guilty to 11 Felonies, Faces 150 Years Jail

Bernard Madoff, the disgraced financier accused of bilking investors of billions, admits guilt in Ponzi scheme. The former chairman of the Nasdaq stock exchange, Madoff pleaded guilty to 11 felony counts, including securities fraud, money laundering and perjury, that he allegedly cheated nearly 5,000 clients out of as much as $65 billion, according to federal prosecutors.

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