One of Wall Street's biggest swindles ends in guilty plea on 11 charges - stole billions from investment clients in Ponzi scheme.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: March 12, 2009: 11:03 AM ET

NEW YORK (CNNMoney.com) -- Bernard Madoff, who stole billions from investment clients, pleaded guilty on Thursday to all 11 criminal counts in one of Wall Street's biggest swindles ever.

"I operated a Ponzi scheme," said Madoff to the packed courtroom, after U.S. District Judge Denny Chin told him to explain his crimes.

"I thought it would end quickly, but it proved impossible," said Madoff, who stole from more than 4,000 victims through his investment firm. "I am ashamed for these criminal acts. I always knew this day would come."

The 70-year-old defendant could face a maximum 150-year sentence. Madoff probably won't be sentenced for at least 90 days.

His sentencing was set for June 16.

http://money.cnn.com/2009/03/12/news/newsmakers/madoff_courtappearance/index.htm