Bernie Goes To The Big House

Bernard Madoff, once one of the most respected men on Wall Street, pleaded guilty today to running the largest Ponzi scheme in history.

Madoff, who has been free on bail, although restricted to his Manhattan apartment, since his arrest in December, was ordered immediately jailed while he awaits sentencing as a flight risk. U.S. District Judge Denny Chin scheduled the sentencing hearing for June 16.