The following is a WCBSTV report from the courthouse: 

There’s nothing alleged about Bernard Madoff anymore.

Once heralded as a champion of Wall Street, the former financier officially admitted Thursday the only thing he championed was perhaps the largest investment fraud scheme in history, bilking thousands of investors around the world out of billions of dollars.

A judge later revoked Madoff’s bail, sending him from his $7 million Manhattan penthouse to a federal prison.

Madoff pleaded guilty to all charges in the 11-count indictment against him in a Manhattan court, before telling U.S. District Judge Denny Chin he “cannot adequately express” how sorry he was for his crimes.

The charges he admits to: Securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, making false statements, perjury, false filing with the U.S. Securities & Exchange Commission and theft from an employee benefit plan.

His sentencing is scheduled for Tuesday, June 16.

He said he began the scheme in the early 1990s as a response to the recession then.

“I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed,” he admitted. “I am painfully aware that I have deeply hurt many people.”

He said that when he started the fraud, he believed it would be short and he could extricate himself.

“As the years went by, I realized 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.”

After hearing from three investors, including one who said she objected to his plea until the lost money was found, Chin accepted Madoff’s plea.

A second investor who spoke said he believed that conspiracy should be included in the charges, adding he felt only “an army” could handle such a massive scheme, according to WCBS Radio.

WCBS Radio described Madoff as calm and unruffled, appearing unfazed by the hearing. As the proceeding began, Madoff first asked if he could have some water.

“Mr. Madoff, you can be seated; pour yourself some water,” Chin told him.

After entering his plea, Madoff acknowledged that he understood he faces up to 150 years behind bars for his crimes.

Madoff arrived at the lower Manhattan courthouse just after 7 a.m. to a throng of media and spectators. Shortly before 10, he entered the courtroom and the hearing began.

Will he remain a free man? It’s up to Chin to decide his fate. Prosecutors will argue he is a flight risk and there is no reason he shouldn’t be led out of the courtroom straight into federal custody.

The plea ends half-century career that saw him rise to Nasdaq chairman and one of Wall Street’s elite, and could result in a maximum prison term of 150 years.

Madoff, 70, also faces the prospect of coming face to face for the first time since his December arrest with some of the thousands of investors whose accounts prosecutors say he oversaw since at least the 1980s.

The plea also marks the first time Madoff has spoken publicly about the scheme. The judge must hear him describe his crimes in his own words to accept it.

About two dozen of Madoff’s victims have asked to speak at the hearing. For those who do get that chance, their comments will be restricted to the two fundamental issues; should Chin cancel Madoff’s bail? And if that bail is cancelled, should Madoff be put behind bars or allowed to continue living in the relative comfort of his $7 million penthouse.

Victims began arriving at court as early as 8 a.m., two hours before the hearing.

Adriane Biondo, 41, of Los Angeles, said five members of her family were affected by the fraud, including elderly relatives who were ruined. She went to court to see Madoff plead guilty and wants the judge to send him to prison immediately.

“For him to be under penthouse arrest at this point … is just not fair,” she said.

Madoff’s current bail status “really infuriates everyone,” said Matt Weinstein, a motivational speaker who lost the bulk of his savings in the scheme.

“People can’t even afford rent anymore,” Weinstein said. “He can’t go on in this palace of denial.”

The scope of the criminal investigation has widened as well. People familiar with the case tell CBS News, investigators are ripping apart 20 years of alleged fraud inside Madoff’s firm. His sons Andrew and Mark, and his brother Peter are now all under the microscope.

“I suspect family members, possibly his wife, very possibly his sons, possibly his brother,” said Brad Friedman, an attorney who represents about 100 Madoff investors.

Ruth Madoff wants to hold onto their lavish home, and some money.

“Right off the bat, Ruth Madoff claims to have $62 million and their $7 million apartment. We believe there are tens of millions of dollars stashed overseas,” said Friedman.

Investors like Joan Shulman, who along with her husband, lost a third of their savings, are angry.

“I am, I’m amazingly angry, but more than that, I feel a void,” said Shulman.

Hilda Hauser, a 92-year-old victim, said the justice she fantasizes about is a little more personal.

“I think I’d love to kill him. Yeah, why do you look so surprised?” Hauser said. “Of course I’m that angry. I’m outraged.”

“This is a case where they’re not going to leave any stones unturned,” said Sean O’Shea, former Federal Prosecutor. “They’re going to get to the bottom of it and everyone who has culpability will be charged.”

There are smoking guns. A duped investor says he was told by the company’s Chief Financial Officer that Madoff didn’t want incriminating evidence traced back to him.

“He told us Bernie Madoff had said they probably shouldn’t put anything in e-mails,” said Dr. Murray Morrison.