Madoff confesses to $50bn fraud scam

clock •

Bernard Madoff has pleaded guilty to all 11 charges surrounding a $50bn fraud involving an elaborate Ponzi scheme.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Budget 26: Stamp Duty on shares to be swapped for Securities Transfer Tax

Budget 26: Stamp Duty on shares to be swapped for Securities Transfer Tax

By late 2027

Patrick Brusnahan
clock 28 October 2026 • 1 min read
Investment tax relief rises by smallest amount in four years amid recent Budget measures

Investment tax relief rises by smallest amount in four years amid recent Budget measures

Bowmore Financial Planning research

Jack Roach
clock 28 October 2026 • 2 min read
Defaqto to launch rating for newer funds and portfolios

Defaqto to launch rating for newer funds and portfolios

Combines Defaqto and RSMR expertise

Jen Frost
clock 27 October 2026 • 2 min read