Prosecutors will bring additional charges as warranted against Bernard Madoff or anyone else involved in the fraud that bilked investors of billions, the Acting U.S. Attorney for Manhattan said on Thursday.
"Today is one step in an ongoing investigation," Lev Dassin said in a statement after Madoff pleaded guilty in Manhattan federal court in the biggest Ponzi scheme in Wall Street history.
"While we do not agree with all the assertions made by Mr. Madoff today, his admissions certainly establish his guilt. We are continuing to investigate the fraud and will bring additional charges against anyone, including Mr. Madoff, as warranted," Dassin said.
Prosecutors have estimated that the scheme drew in as much as $65 billion over at least 20 years. Madoff is the only person who has been charged in the case.
Madoff pleaded guilty Thursday to 11 counts in an epic fraud that robbed investors worldwide of billions of dollars, avoiding eye contact with swindled investors before he was led out of court with his hands cuffed behind his back.
Madoff was taken to the Metropolitan Correctional Center, near the Federal courthouse. It is run by the Federal Bureau of Prisons. He is scheduled to be formally sentenced on June 16.
U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.
Applause broke out in the courtroom after the judge's announcement. Madoff's lawyer says he plans to appeal the decision by the judge to revoke the bail.