Admitting to operating the largest Ponzi scheme in history, 70-year-old Bernard Madoff was immediately jailed after entering a guilty plea to 11 criminal charges today. He awaits his sentencing, scheduled for June 16.

Counts against Madoff (source: Associated Press):

Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.
Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.
Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.
Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.
Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.
Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.
Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.
Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.
Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.
Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.
Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.

“Madoff…said he felt compelled to meet clients’ expectations for returns that outpaced the market and thought the scheme would end shortly. Madoff said he started the scheme during a recession, which was difficult for investing in stocks,” according to Dow Jones Newswires.

“I never invested the funds in securities as promised,” Madoff told U.S. District Judge Denny Chin at a hearing today, adding he was deeply sorry.