Bernard L. Madoff, the man who masterminded what is believed to be the largest Ponzi scheme in history, was jailed yesterday after pleading guilty to 11 charges including securities fraud, wire fraud, mail fraud and money laundering. The disgraced Wall Street trader, who said he was "deeply sorry and ashamed" for swindling investors out of $65 billion, will face 150 years behind bars when he is sentenced in June. We asked wOw Intuitive Peggy Rometo how it all came to pass — and what’s in store for America’s most hated villain.

wOw: How did it all begin?

Peggy: My feeling is that Madoff was approached by an underground group, possibly originating in Argentina or somewhere else in South America, to find a simple, creative way to make some extra money. I think he saw it as easy, conceptual, no big deal. It all began with an offshore investment and willing partners. He felt very protected within this network, and well hidden from the law.

wOw: What were the logistics?

Peggy: My sense is that he started out with money laundering. As he demonstrated his ability and proved himself, the group he was working with began to appreciate him deeply, which sparked a new, power-hungry lust that he had never felt before. This attitude grew until he was no longer in control.

wOw: Where did the money go?

Peggy: That’s the billion-dollar question! Madoff has used an interrelated network of conspirators and fraudulent accounts to hide and conceal wealth. The majority of his personal wealth feels connected to Geneva, Brussels, France and Denmark. For some odd reason, the Ukraine is coming up as well. My sense is that much of the money was paid to the initial group in South America. I don’t know if the U.S. is using a team in Boston to track it down, but there is help or insight to be found there. Unfortunately, I don’t feel that more than a fraction of what was swindled will ever be recovered.

wOw: Did Madoff ever feel culpable about his illegal activities?

Peggy: I feel that he only developed a conscience in the last decade or so. He learned to justify what he was doing by thinking of himself as a sort of Robin Hood, robbing the rich to contribute to the many charities he invested in (especially those that involved children). People’s gratitude and respect fueled his ego, and he began to believe his own spin on reality. He developed a righteous energy that made him feel invincible. But deep down, he always knew it would fall apart. The problem was that once the game got out of control, he didn’t know how to stop it.

wOw: Was Ruth Madoff aware of the fraud from the beginning?

Peggy: Over time, she had an instinct that something was not quite right. It reminds me of a woman who knows her husband’s having an affair, but doesn’t want to look too closely because she wants to stay married: "It’s not my business, and I don’t really want to know." But I don’t think she ever had a clue just how big the scam really was.

wOw: When did she find out what he was up to?

Peggy: Again, my sense is that she felt something was off, triggered by feelings she had when she met certain people he was working with years ago. I feel that a more glaring truth had to be revealed to her within the past 18 months to two years.

wOw: Did their sons, Mark and Andrew, know what was going on?