Bernard Madoff pleaded guilty on all 11 charges made against him on Thursday over the alleged $50 billion Madoff fraud. The plea could mean that Madoff may be sentenced to 150 years in prison.

11 Charges Against Madoff

1. Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.
2. Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.
3. Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.
4. Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.
5. International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.
6. International money laundering. Maximum penalty: 20 years in prison, fine and restitution.
7. Money laundering. Maximum penalty: 10 years in prison, fine and restitution.
8. False statements. Maximum penalty: Five years in prison, fine and restitution.
9. Perjury. Maximum penalty: Five years in prison, fine and restitution.
10. Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.
11. Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.

Still many questions remain unanswered. Many analysts who have been following the case believe that the scheme was too complex and carried out over such a prolonged time that it could not have been carried out by one person.

The hearing held at a federal courthouse also heard from numerous individuals which fell victim to Madoff’s multi-billion dollar fraud. Many of whom are highly upset over Madoff being under penthouse arrest at this point.

The biggest mystery of them all which everyone still wonders is: “Where is all the money?”. The money Madoff received was never invested but was used by him, his business and others or, as occurs in Ponzi schemes, was paid out to early investors, prosecutors said. So surely something should still be around somewhere?

Related news articles:

1. Madoff sentenced to 150-year prison term
2. Madoff’s accountant surrenders
3. Spain’s Santander settles $1.8 billion to Madoff Victims
4. Madoff fraud – a whopping $50 billion scam
5. The latest billion dollar fraud: Stanford bank