By the time Bernard Madoff arrived at court last Thursday, two hours before his 10am hearing, an angry mob had gathered outside the Manhattan courthouse. The $64.8 billion fraudster wore a charcoal-grey suit but no wedding ring or one of his usual vintage watches. A first sign, perhaps, that he knew this was the end.

Three months after this fallen pillar of Wall Street’s scams were exposed, Madoff is now in jail awaiting sentencing. His crimes made headlines around the world and battered the fortunes of the rich and famous, including Steven Spielberg and Nobel Peace Prize winner and holocaust survivor Elie Wiesel, as well as wiping out smaller savers and charities.

After last week’s dramatic court appearance, though, many questions remain unanswered. Could Madoff, as he claims, have orchestrated this giant scam alone? How much did his family know? And where is the money?

Prosecutors are no clearer about what role, if any, Madoff’s wife, Ruth, brother Peter, sons Mark and Andrew and his employees played in perhaps the largest Ponzi scheme in history. His family members have denied any involvement. In court Madoff gave no clues. Because he pleaded guilty without making a deal, he is under no obligation to co-operate. There is no guarantee he ever will.

Jim Cox, law professor at Duke University, said Madoff had refused to plead guilty to charges of conspiracy, which would have implicated others. “He has clammed up. It looks like he’s going to take the real story to his grave,” said Cox.

One lawyer there to observe the historic moment, Robert Mintz, white-collar crime expert at McCarter & English, said: “There was a palpable sense of frustration among defrauded investors.”

Inside the packed court, Madoff, flanked by his attorney, Ira Sorkin, and four FBI agents stood stony-faced as the judge reviewed all 11 counts, including security fraud, investment fraud, mail fraud, wire fraud, international money laundering, perjury, making false statements, and theft from employer benefits.

The judge asked Madoff if he understood the possible sentence he faced — 150 years’ imprisonment. “I do,” said Madoff. “Do you understand you may lose the right to vote, the right to hold public office,” asked the judge to sniggers from the courtroom.

Once the formalities were over with, Madoff was given his chance to explain what had happened. It was the moment his victims and investigators had been waiting for. He held out his notes and read a 12-minute address.

“I am actually grateful for this first opportunity to publicly speak about my crimes, for which I am deeply sorry and ashamed. As I engaged in fraud, I knew what I was doing was wrong, indeed criminal,” he said. “When I began the Ponzi scheme I believed it would end shortly and I would be able to extricate myself and my clients from the scheme.

“However, this proved difficult, and ultimately impossible, and as the years went by, I realised that my arrest and this day would inevitably come.”

Madoff said he was in court to “accept responsibility” and explain what happened. But he gave little new information and may never publicly answer for his crime again.

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