Bernard Madoff pleaded guilty Thursday to 11 felony charges in connection to his now-infamous Ponzi scheme.

Spectators cheered inside the packed Manhattan courtroom as Madoff was led off to jail. Madoff turned down a plea deal that would have required him to give names and tell everyone where the money went. Some of the charges Madoff pleaded guilty to included securities and investment fraud, as well as money laundering.

In his first public comments about his crimes involving billions of investor dollars, Madoff said he was "deeply sorry and ashamed." Prosecutors say the 70-year-old could face up to 150 years behind bars when he is sentenced June 16.

Several alleged victims in southwestern Connecticut say that penalty is little consolation for what they lost. Fairfield Police Detective Daniel Hallama says he is one of 1,100 town employees whose pension fund lost millions with Madoff.

"If you're really that sorry, you're going to give back the money and give up names to help people he took advantage of," Hallama says.

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