Disgraced financier Bernard Madoff has said he is "deeply sorry and ashamed" for the massive investment fraud which may see him spending the rest of his life behind bars.
In a New York court, the 70-year-old American pleaded guilty to all 11 charges relating to an estimated $50bn (£35.7bn) "Ponzi" scheme.
Prosecutors have indicated they will push for the maximum sentence for Madoff, which would be a 150-year prison term.
Madoff's admission came three months after he admitted his investment fund was merely a pyramid scheme - but one which involved billions.
As the hearing began, Madoff asked if he could have some water. Judge Denny Chin asked him how he was pleading. After Madoff said he was pleading guilty, the judge explained that he would ask a series of questions before deciding whether to accept the plea.
"Mr Madoff, you can be seated. Pour yourself some water," the judge told him.
Madoff told the judge his Ponzi scheme began in the early 1990s in response to a recession. He said he understood his sentence could be up to 150 years in prison.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he told the court.
Madoff said he started the fraud but believed it would be short and he could extricate himself.
"As the years went by, I realised my risk, and this day would inevitably come," he said in a steady voice. "I cannot adequately express how sorry I am for my crimes."
