Madoff pleads guilty

US investment banker Bernard Madoff has been ordered to jail after pleading guilty to a massive financial fraud scheme.



Applause reportedly broke out in the courtroom after the judge revoked bail following 11 guilty pleas by the financier.



The judge described the 70 year old as a flight risk, saying he had more reasons to do so because of his age.



Madoff admitted he began operating a giant Ponzi scheme in the early 1990s.



Prosecutors say he robbed investors of billions of dollars.



He’s the only person accused in the giant fraud surrounding his firm, Bernard L Madoff Investment Securities.



Madoff\'s 11 charges include four counts of fraud.



Sentencing has been set for June 16.



Madoff could face up to 150 years in prison.