Madoff Sentenced To 150 Years In Prison

[jackdanielsesq]

Finally, we are starting to see some justice being meted out

BR>Jack

PS Hope not too many folks here lost money with Madoff - I know a bunch did in the UK

Bernard L. Madoff on Monday received the maximum sentence for

perpetrating one of the biggest investment frauds in Wall

Street history and will spend the rest of his life in prison.

[Jingthing]

He has to serve 80 percent of that sentence ... under law, so zero chance of parole.

Another happy part of this. Ponzi schemes will not change to Madoff schemes. Its not that Ponzi pulled a bigger scam than Bernie, its just that Ponzi sounds so much cooler!

Edited June 29, 2009 by Jingthing

[jackdanielsesq]

There is a lot of sentiment about how such huge frauds cause catastrophic failures and even deaths amongst

all the folks who are impacted by them. I know it reached as far as Wales - I have people there who lost all

the retirement funds & IRA's. Its not unlike a homicide, several in fact.

BR>Jack

[losworld]

What a total travesty of justice. The guy is 70 years old and they give him 150 years. What does it matter if they give him twenty years? It'll amount to the same.

What about getting the other thieves involved such as his wife, sons and business associates?

So Bernie steals 50 billion and carries the scam for a large portion of his life. He tells his sons to report him so he can play the "they didn't know anything game" and he is the fall guy (if you can call it that at 70 years of age). Now the wife and the kids will be able to continue to live like royalty with the money they have hidden away apparently in Israel.

Seems like we've all been scammed one more time by Bernie.

I think Chinese justice would be much more appropriate in this case.

[duceahearts]

What a total travesty of justice. The guy is 70 years old and they give him 150 years. What does it matter if they give him twenty years? It'll amount to the same.

What about getting the other thieves involved such as his wife, sons and business associates?

So Bernie steals 50 billion and carries the scam for a large portion of his life. He tells his sons to report him so he can play the "they didn't know anything game" and he is the fall guy (if you can call it that at 70 years of age). Now the wife and the kids will be able to continue to live like royalty with the money they have hidden away apparently in Israel.

Seems like we've all been scammed one more time by Bernie.

I think Chinese justice would be much more appropriate in this case.

I agree go after the others, the only reason he took the blame was so that the others involved could walk away free with all that money, scum!!

[sriracha john]

There is a lot of sentiment about how such huge frauds cause catastrophic failures and even deaths amongst

all the folks who are impacted by them. I know it reached as far as Wales - I have people there who lost all

the retirement funds & IRA's. Its not unlike a homicide, several in fact.

BR>Jack

there you go... Thailand-related now

[Datsun240Z]

[mahtin]

Its not that Ponzi pulled a bigger scam than Bernie, its just that Ponzi sounds so much cooler!

Wot's cool about poncey?

[G54]

Well, I agree that many have suffered from this fraud, but, as usual, a way over the top sentence. <deleted>!! The guy is 70 now and they give him 150 years??? What does that tell you.

[mahtin]

Well, I agree that many have suffered from this fraud, but, as usual, a way over the top sentence. <deleted>!! The guy is 70 now and they give him 150 years??? What does that tell you.

That he won't be getting the bunk nearest the door.

[Jimjim]

I find it funny that Madoff has turned into a huge scapegoat when the banks pulled off the biggest ponzi scheme of all. Why aren't some of the bankers in jail? Think I'm just being facetious? Sorry, if you research it, what the banks did that brought about the latest crisis is exactly the same as a ponzi scheme, though somehow it was legal.

[jackdanielsesq]

Remember there's Justice for all, as much as ya can afford.

BR>Jack

PS I believe the Courts will sequestrate his estate, be good to see his family collecting food stamps.

[garyh]

People talk about Thai corruption but here is a good example of it happening elsewhere. He must have been paying off the right people to have got away with this for so long.

[Jimjim]

People talk about Thai corruption but here is a good example of it happening elsewhere. He must have been paying off the right people to have got away with this for so long.

Nope, it's that the financial regulators in the U.S. are grossly understaffed and by about a billion percent. They're also out of their depth as anyone who truly understand the markets isn't going to want to work on a government salary so they don't. There is no way they can keep track of all the financial companies and they know it. They can barely investigate one percent or less, I believe I heard quoted, of what goes on in the markets, and thus that is how Madoff was able to get away with it. His whole scheme came to light when the larger, apparently legal investment scheme led by fools such as AIG (should have stuck to what they knew, insurance, instead of letting one man create the biggest ponzi scheme of all under the pretext of their legitimate corporate brand) collapsed under the weight of its own ponziness.

[ubonjoe]

Moved to Business.

[flying]

I find it funny that Madoff has turned into a huge scapegoat when the banks pulled off the biggest ponzi scheme of all. Why aren't some of the bankers in jail? Think I'm just being facetious? Sorry, if you research it, what the banks did that brought about the latest crisis is exactly the same as a ponzi scheme, though somehow it was legal.

Agree 100%

They have their nerve giving this so much exposure in the hopes that the peoples rage over recent financial crisis be turned to Madoff.

Madoff is a small potato when compared to the FED Reserve, Bankers. AIG, etc....

Secondly I would love to see some actual numbers someday.

They say 50 Billion but is that the talked up value?

ie: Mrs X invested 10l & three years later is told she has 500k value

What was actually invested & lost? After subtracting what was removed by the other winners? What was that guys name that pulled 6 billion out?

[sunholidaysun1]

Glad that hes locked up forever, just a shame the rest of those involved are'nt along side him . As for the $50Bn , Where is it ?

Why was his wife allowed to keep a couple of million ?

[BigSnake]

150 years just on paper to please the victim, old Guy will live another 10 or 12 years Max, why just sentence for the rest of his life without possible of Parole. . Maybe/hopefully with a little luck the power that be will recover some of the money.

Edited June 30, 2009 by BigSnake

[strawberry]

Locking him up for life seems to be very inadiquate and I don't think it will stop others from doing the same. I'm in favour of bringing back the guilotine that might be the only thing to stop it happening again.

Joe

[Motoon]

Well, I agree that many have suffered from this fraud, but, as usual, a way over the top sentence. <deleted>!! The guy is 70 now and they give him 150 years??? What does that tell you.

I think a culprits age won't matter. The judges assess the crimes and met out a punishment for each count. Doesn't really matter whether he's 20 or 70, right?

This sentence might be over the top and banks will probably still get away with their manipulations - just to be bailed out later - but Bernie did a lot of damage as it is and has destroyed a lot of families and lives...

[Mosha]

Well, I agree that many have suffered from this fraud, but, as usual, a way over the top sentence. <deleted>!! The guy is 70 now and they give him 150 years??? What does that tell you.

That they have stiffer sentences for financial crimes than rape/murder.

[jackdanielsesq]

To wit - they have also confiscated his wife's assets, as well as their sons - about $50m each - with the promise of more federal fraud charges to come. I dont see this as being over by a long shot. Ya mess with Uncle Sam, ya going down. Then ya gotta pay the ambulance chasers.

BR>Jack

New York - Federal authorities are pressing a probe of 10 associates of Bernard Madoff despite a sentence that means the mastermind of one of the biggest financial frauds in history will spend the rest of his days behind bars, The Associated Press has learned. A person, who spoke on condition of anonymity because the investigation is ongoing, wouldn't detail potential charges or say whether the 10 would include Madoff's family or former employees. So far, only Madoff and an accountant accused of failing to make basic auditing checks have been criminally charged in the multibillion-dollar hoax.

In court Monday, the 71-year-old Madoff admitted it was impossible for him to excuse deeds that U.S. District Judge Denny Chin noted had cost investors $13.2bn by conservative estimates and $50bn by the estimate Madoff gave his sons in December.

Chin dismissed Madoff's pleas for leniency, noting that Madoff made substantial loans to family members, including moving $15m of his company's money into his wife's personal accounts as it became clear that the scheme was unraveling.

[hhgz]

Actuary tables indicate he'll live for 15 years. On another note, Woody Allen wrote a very funny article describing how a couple lobsters in NYC exacted the ultimate revenge against Bernie.

[neverdie]

This man is a Germ. Who cares what the sentance is, as long as he spends the rest of the time in the slammer. Hopefully he serves some hard time too, not some cushy little prison with all the mod cons etc, this man should really suffer for the pain he has caused.

In my opinion, he should wake up to 150 lashes every morning as well, that would teach the old bastard a thing or two

[teletiger]

This man is a Germ. Who cares what the sentance is, as long as he spends the rest of the time in the slammer. Hopefully he serves some hard time too, not some cushy little prison with all the mod cons etc, this man should really suffer for the pain he has caused.

In my opinion, he should wake up to 150 lashes every morning as well, that would teach the old bastard a thing or two

Waking up to a 6ft 6in, well endowed, viagra fed, "friend of a victim", should make his mornings interesting. Ours too, if they televised it Then we could charge him with porn irregularities.....and give him another 150 years! Then let him out after 300 years and hope he's learned his lesson.

Alternatively, we could take his whole family out the back. I believe the alternative would be the biggest deterrent.

What whimps we are. Thousands of wonderful children die every day of malnutrition and we baulk at these scum sucking vermin. Back to serenity.

Regards.

[neverdie]

This man is a Germ. Who cares what the sentance is, as long as he spends the rest of the time in the slammer. Hopefully he serves some hard time too, not some cushy little prison with all the mod cons etc, this man should really suffer for the pain he has caused.

In my opinion, he should wake up to 150 lashes every morning as well, that would teach the old bastard a thing or two

Waking up to a 6ft 6in, well endowed, viagra fed, "friend of a victim", should make his mornings interesting. Ours too, if they televised it Then we could charge him with porn irregularities.....and give him another 150 years! Then let him out after 300 years and hope he's learned his lesson.

Alternatively, we could take his whole family out the back. I believe the alternative would be the biggest deterrent.

What whimps we are. Thousands of wonderful children die every day of malnutrition and we baulk at these scum sucking vermin. Back to serenity.

Regards.

Great post, so true. I would of preferred it if you could have worked my 150 lashes into the old baastard, perhaps 75 before the sex routine and 75 after, just for good measure.

[Pakboong]

The actual amount of the scam is now reported at $65 billion. If you add up the value of his assets to include those of his family, you don't come up with $1 billion. What happened to the other $64 billion? This is not a clean story and we may never really know the truth. It is next to impossible for one person to spend $65 billion.

[losworld]

Many believe the money is in Israel. He moved funds there earlier stating he would never pay U.S. taxes.