Bernard Madoff pleaded guilty to 11 criminal charges today in a Manhattan Federal Courthouse, in what is said to be the biggest Ponzi scheme is U.S. history. But will Madoff shed light on how he carried out the investment scam, who helped him and will he walk out a free man?

After swindling thousands of people, ranging from the rich and famous to philanthropists and retirees who entrusted him with their life savings, out of as much as $64.9 billion, according to prosecutors, the big question is will Madoff walk out a free man and go back to his Manhattan penthouse to await sentencing?

Before getting down to business, Madoff, who is charged with fraud, perjury, theft from an employee benefit plan and international money laundering, asked the judge if he could have some water, according to reporting by 1010 WINs.

Madoff told the judge, “I’m deeply sorry.” That won’t be much consolation for the victims. At least two dozen of Madoff’s bilked investors were expected to show up and may be given a chance to speak, if not today, then at his sentencing.

Interestingly, Madoff will not be obligated to explain away where the money went or how he carried out the massive fraud, according to former U.S. Attorney, Zachary Carter, who speaks on a video interview with 1010 WINS. Experts conjecture that Madoff is trying to protect family members who worked in the office, including his two sons and brother.

"This was not a solo act," Carter speculates.

As one of his victims, Burt Ross, former Mayor of Englewood, New Jersey, put it, “Madoff was cloaked in respectability.” Now Ross who lost all his money calls Madoff an evil genius.

While some victims want Madoff to be punished for his crime, others would like him to give back some of the money. If Madoff has billions of dollars stashed away in offshore accounts, , Sharon Lissauer, a former model who lost her entire family inheritance to Madoff, said she wishes he could just give back as much money as possible. “That would be a positive result said Lissauer.

Madoff did not walk out a free man. The judge has ordered Madoff to be jailed immediately, until his sentencing on June 16th.