March 12, 2009
Madoff Goes to Jail
Bernard Madoff's bail was revoked after he pleaded guilty today to eleven felony counts and expressed remorse to his victims. NYTimes, Madoff’s Bail Revoked After Guilty Pleas to All Charges. The DOJ website has a transcript of today's hearing. Besides jail time, Madoff is also subject to mandatory restitution and faces fines up to twice the gross gain or loss derived from the offenses. The Criminal Information also includes forfeiture allegations which would require Madoff to forfeit the proceeds of the charged crimes, as well as all property involved in the money laundering offenses and all property traceable to such property.
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