Madoff confesses to $50bn fraud scam

While Madoff "cannot adequately express" how sorry he is, prosecutors are preparing to get the disgraced US financier a 150-year jail sentence, reports the BBC. Madoff ran a Ponzi or pyramid scheme where early investors were paid off with new clients' money. At least 20 of Madoff's investors have asked to speak at the hearing where victims are expected to address the court. The hearing is also expected to decide whether Madoff should be allowed to remain on bail as he is not likely to be sentenced for several months. Since his arrest in December, the former Wall Street figure has been h...