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Bernard Madoff pleads guilty to 11 charges

Bernard Madoff, who is under investigation by the US authorities for a $50 billion fraud, has today pled guilty to 11 counts put to him in court. Since his arrest for an alleged multibillion dollar fraud he has been under house arrest, or what has been described as "penthouse arrest", although he is now being held in a US jail pending his sentencing on 16 June.

While Madoff is 70 years of age there is intense speculation that he has the means, the motive and the money to make good an escape from the US if he was released under house arrest again. He is now facing up to 150 years in jail and is highly unlikely to see freedom ever again. Overall this is one of the largest ever frauds in US history and in hindsight he was very cultivating and extremely manipulative in his dealings. While most fraud attempts try to take in as much money as soon as possible, Bernard Madoff was actually known to turn money away, which gave him an aura of invincibility and elitism.

While Madoff has thankfully pled guilty to 11 charges put before him there is speculation that money has been hidden away from the police investigating the alleged crimes.

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