NEW YORK (WPIX) -- U.S. District Judge Denny Chin sent Bernard Madoff directly to jail following his pleading guilty to all 11 felony charges against him.

Speaking publicly for the first time about the massive scandal Madoff told the judge he "cannot adequately express" how sorry he is. The 70-year-old former Nasdaq chairman said one of the largest Ponzi schemes ever began in the early 1990s in response to a recession.

CLICK HERE TO SEE PHOTOS OF THE FAMOUS FACES RIPPED OFF BY BERNARD MADOFF

Three victims of the investment scam spoke in court. One victim said until the lost money was found she opposed the guilty plea. Madoff, who prosecutors say stole tens of billions of dollars from investors, did not look at his victims as they spoke.

Madoff now faces as much as 150 years in prison when he is sentenced June 16.


CLICK HERE TO READ BERNARD MADOFF'S FULL COURT STATEMENT