Madoff pleads guilty to 11 felony charges

Bernard Madoff appeared at the federal courthouse in New York on Thursday and pleaded guilty to 11 felony charges against him.

Madoff was accused of running a $50 billion Ponzi scheme that bilked investors while enriching himself and his family. He has been awaiting his day in court while under house arrest in his $7 million penthouse apartment in New York's Upper East Side.

The 70-year-old Wall Street investor could be sentenced to 150 years in prison, essentially a life sentence.

Mark Beltz, a Madoff victim, told the New York Post outside the courthouse that he wanted Madoff to go to jail but also wanted the trustee in the case to determine how he would implement "clawback" provisions to recover the funds Madoff stole and return them to investors.