Investors Dewitt Baker (R) and Judith Welling, who had invested with financier Bernard Madoff, outside Manahttan federal courthouse. (Getty)

Bernard Madoff was led away from a federal courtroom in Lower Manhattan in handcuffs, after he pleaded guilty to all 11 counts of fraud in a massive Ponzi scheme that wiped out many people's investments. More than 100 spectators crammed into the courtroom. Madoff did not look at any of the three investors who spoke at the hearing, even when one turned in his direction and tried to address him. The courtroom erupted in applause after the judge announced Madoff would go directly to jail.

A few stories and reactions:

Richard Friedman says he lost $3 million:

'I couldn't have had a greater shock in my life,' says Friedman. 'Then the worst thing in my life then followed by having to go home and tell my wife that all our money was gone.'

Friedman was doubtful justice would be served:

Debra Schwartz says she lost two-thirds of her life savings:

'I'm looking at this is an incredible devastating challenge, but I'm going to figure out how to make the best of this.'

Helen Chaitman, who says she lost 'all of her savings,' believes Madoff's guilty plea is not the end of the case. 'The biggest question now is how many other people will be indicted. It's inconceivable that Mr. Madoff pulled this off by himself.'

Chaitman added she was hoping to form a network for victims seeking restitution:

Madoff scam victim Adriane Biondo says she wants justice and thinks even life in jail could not redress the pain and suffering caused:

Madoff victim Cynthia Friedman, Madoff victim, says she hopes he can 'rot in hell' and she hopes his family joins him:

Mayor Bloomberg had this to say about Madoff's punishment:

'There is nothing that is going to bring back people’s money by incarcerating him for life, but it is sending a message to others.'