Bernard Madoff was jailed today in New York after admitting he organised the largest Ponzi scheme in history, with clients assuming they had almost $65 billion in accounts, when there was a fraction of the amount. Madoff began the swindle during the 19991 recession.

Madoff, 70, entered his guilty plea in Manhattan federal court today was ordered to be jailed, while awaiting sentencing, scheduled for June 16. He faces as much as 150 years in prison. 

Madoff said he began operating a giant Ponzi scheme in the early 1990s during a then recession. He said that he believed the fraud would be short and he could extricate himself. "As the years went by, I realized my risk, and this day would inevitably come," he said."I cannot adequately express how sorry I am for my crimes."

Madoff had 4,800 clients by December 2008, when he confessed the fraud to his family.

The clients included feeder funds, which invested big sums with the firm, which had accounts audited by a 3-person firm, which did not have a license to audit.

See Wednesday's detailed Finfacts report on Madoff in Related Links below.

CNBC Video