Bernard Madoff is going to jail after he pleaded guilty to all 11-felony charges for running the largest financial fraud in history on Thursday.

Accused swindler Bernard Madoff exits the Manhattan federal court house in New York , in this Jan. 14, 2009 file photo. Madoff took the first public step to a guilty plea on criminal charges of running a 50 billion U.S. dollars investment fraud over many years, according to court papers March 6, 2009.(Xinhua/Reuters Photo)

Madoff, who has been free on a 10-million-U.S. dollar-bond, is likely to be sent to Manhattan Correction Center and remain there until his sentence in June. He would face a sentence up to 150 years in prison.

“I was thrilled he was caught. I am so happy that he will go to jail,” Madoff victim Alene Kent told Xinhua outside the court. “So many people, more than 350 people, have been cheated by this guy.”

Kent did not want to reveal how much she had lost. “Sure a lot. It was a terrible thing to say. It was a lot,” she said. And when asked if she thinks she could get some of the money back, she murmured repeatedly: “It’s gone.”

Many people who had suffered huge loss in Madoff’s fraud traveled from outside New York to the court hearing. Burt Ross from New Jersey, who owned a real estate company, burst into tears when he recalled the morning when his wife told him that he had just lost 5 million dollars. “It was a joke to the system. This case has changed the sense of financial security of most of us,” Ross told Xinhua.

“He is like a regular human being like us. People who are evils look just like you and me,” Ross said, “He did something which we never expected.”

“I am satisfied that the court put the cuffs on him. It was run properly,” Ross said. “We were allowed in. I applauded this.”

Madoff pled guilty to 11 counts including securities fraud, wire fraud, and money laundering. But he had refused to admit to a conspiracy charge. Ross Intelifano, attorney of Rich & Intelifano LLP, said he believed Madoff did this to “protect his family.” Intelifano, who represents 25 clients with a combined loss of 100 million dollars, said he “could possibly recover most of the money lost.”

During the hearing, Madoff said he was “deeply sorry” for what he did. But Jesse Cohen said Madoff is just “selling.” Cohen’s parents, both in their 80s, had to sell their apartment after their investment was wiped out.

Cohen questioned why Securities and Exchange Commission did not find out Madoff and he does not think it is the end of the case. “It could be a long fight,” he said.

Brad N. Friedman, attorney at Milberg LLP who represents about 100 victims, told Xinhua that this case has attracted “attention of the whole world,” and as an attorney he will do the best to help his clients.

VietNamNet/Xinhuanet