- The Washington Times - Friday, March 13, 2009

NEW YORK (AP) - Bernard Madoff has gone from a $7 million penthouse to a tiny jail cell in Manhattan with cinderblock walls and linoleum floors.

The change in lifestyle for the 70-year-old financier came Thursday after he confessed to carrying out what may be the biggest fraud in Wall Street history to escape the pain of a recession.

Angry investors who packed into a federal courtroom to watch Madoff plead guilty to cheating nearly 5,000 investors out of billions of dollars welcomed the change.

Madoff told U.S. District Judge Denny Chin that he was “painfully aware” that he “deeply hurt many, many people. He also said he was “deeply sorry and ashamed.”

Chin ordered him to prison to await a June 16 sentencing when he will face up to 150 years in prison.

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