Madoff Admits Guilt over Fraud Scheme

US Financier Bernard Madoff has been sent to jail after he pleaded guilty to all 11 charges raised against him for the estimated $50bn (£35bn) fraud that he carried out.

After admitting that he defrauded hundreds of investors across the world in a large scale fraud, he could now received up to 150 years when he is sentenced later this year.

While Madoff has insisted that he acted alone, the Prosecution are most likely to investigate whether any other parties were involved.

Madoff is said to have run a Ponzi scheme, offering unrealistically high returns to investors, and paying out earlier investors from money received from new investors, with no profit actually being generated.

The prosecution are likely to use several teams of forensic accountants to try and uncover the full scale of the fraud, and to try and recover some funds for the many investors who have lost out.

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