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BREAKING: Bernie Madoff Goes to Jail

graphic by twolf1

As expected, Bernie Madoff, the widely hailed Grand Poobah of Ponzi, plead guilty today to all 11 counts of fraud, perjury, money laundering, and theft. That should net him around 150 years in the pokey. The question this morning was would the 70-year-old go straight to jail, or would he remain free, or under continued house arrest, pending sentencing.

US District Court Judge Deny Chin has just decided: Bail revoked. Bernie goes to jail, awaiting June 16th sentencing:

Noting that he had waived indictment, Judge Chin asked, “How do you now plead,” guilty or not guilty?

“Guilty,” Mr. Madoff responded.

His formal confession will cost him his liberty. Rather than letting him remain free on bail and return to his apartment on Manhattan’s Upper East Side, Judge Chin ordered Mr. Madoff immediately jailed as he awaits sentencing.

“He has incentive to flee, he has the means to flee, and thus he presents the risk of flight,” Judge Chin said. “Bail is revoked.”

madoffscreengrab.thumbnail.jpgUpdate: It is now being reported that, upon Judge Chin’s ruling revoking bail, the courtroom burst into raucous applause.

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Gregg Levine

Gregg Levine