Dismiss Notice
Join Physics Forums Today!
The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

Madoff is now in jail

  1. Mar 12, 2009 #1

    Ivan Seeking

    User Avatar
    Staff Emeritus
    Science Advisor
    Gold Member

    He plead guilty to all eleven counts.
     
  2. jcsd
  3. Mar 12, 2009 #2

    Astronuc

    User Avatar

    Staff: Mentor

    He apologized, but that didn't carry well with some of his victims.

    http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal [Broken]
    Apparently at some point in the last decade, Madoff realized that someday, someone was going to find out about his scheme, but he didn't stop, he just kept taking peoples' money!
     
    Last edited by a moderator: May 4, 2017
  4. Mar 12, 2009 #3

    LowlyPion

    User Avatar
    Homework Helper

    The most incredible thing I've heard about this case is Elie Wiesel's call for a Federal bail out for Madoff's thievery.
    http://www.cnn.com/2009/CRIME/02/27/wiesel.madoff/

    Fuggedaboutit, unless the Government plans on getting into bailing out the victims of the stock market, and CNBC's Cramer pumping stocks to unsustainable levels.
     
  5. Mar 12, 2009 #4

    mgb_phys

    User Avatar
    Science Advisor
    Homework Helper

    It was his first offence !
     
  6. Mar 12, 2009 #5

    turbo

    User Avatar
    Gold Member

    He pleaded guilty to 11 offenses, many of which played out over many years. Next for the prosecution should be Madoff's wife and relatives that profited from his thievery. It's a drop in the bucket, but she's parked in a $7M penthouse and has vacation properties all over the world, and those should all be forfeited. The fiction that "she didn't know" is a slap in the face to the investors who were cleaned out by the Madoffs.
     
  7. Mar 12, 2009 #6

    russ_watters

    User Avatar

    Staff: Mentor

    I know it is functionally about the same, but I think it would have been nice if they had charged him with a couple hundred thousand separate offenses, one for each money transaction into or out of his fund.
     
  8. Mar 12, 2009 #7
    ugh. i'm sure this will piss off some people, but so be it. the fact is, Madoff ripped off a huge number of fellow jews and jewish charities. most (Ben Stein being a notable exception) simply failed to do any due diligence, and it appears they invested in Madoff simply because he is jewish. it is quite reasonable to assume that they thought they were getting in on a special deal, and therefore carries a tinge of racism. i don't think it is appropriate to get the government involved in supporting this sort of thing. furthermore, if you look at a list that was published at the New York Times, quite a few of these charities appear to have lost everything, down to the penny, because they did not distribute their assets but put everything in Madoff's fund. perhaps they thought the fund distributed risk for them, but it still seems like poor management to me.
     
  9. Mar 12, 2009 #8

    mgb_phys

    User Avatar
    Science Advisor
    Homework Helper

    Robert Maxwell's sons were directors of his company when it stole $1Bn of pension funds - they didn't even get disqualified as directors.
     
  10. Mar 12, 2009 #9
    Good riddance.
     
  11. Mar 12, 2009 #10

    turbo

    User Avatar
    Gold Member

    That's a good point, Russ. Or at a minimum, he should have been charged for every single person and group that he victimized.
     
  12. Mar 12, 2009 #11
    no need to throw the book at him. save some charges in case he earns some acquittals. ;)
     
  13. Mar 12, 2009 #12

    LowlyPion

    User Avatar
    Homework Helper

    He pled guilty to 15 felonies today. I'm not seeing much opportunity for reversing.

    If he really cheated the Russian Mafia as I have seen discussed, I'd think the term of his sentencing may not be a big issue.
     
  14. Mar 12, 2009 #13

    turbo

    User Avatar
    Gold Member

    maybe let him out on bail and let nature take it's course??? I'd rather see some disclosure and claw-back.
     
  15. Mar 12, 2009 #14

    LowlyPion

    User Avatar
    Homework Helper

    The more intriguing battles of Madoff's legacy remains. It seems the Government is intending to claw back payouts from the enterprise. So if you invested 20 years ago and you've been taking out payments every year, and you have gotten back more than you put in initially you not only lost your account, but you may owe to the Government.
     
  16. Mar 12, 2009 #15
    He might make $.75 an hour in the prison shop, or get a few years off for good behavior.

    Trading with cigarettes was not what he bargained for.
     
  17. Mar 12, 2009 #16
    I'm not an American so I don't know this - but does he go to a special prison? Or is he thrown into normal prison with rampant prison rape?
     
  18. Mar 12, 2009 #17
    well, my bad. it seems he has pled guilty, so worrying about acquittals is pointless.

    what is this about the russian mafia? i guess if he shows up completely bald or with a bad case of scarring acne, we'll know they got to him.
     
  19. Mar 12, 2009 #18

    Ivan Seeking

    User Avatar
    Staff Emeritus
    Science Advisor
    Gold Member

    According to one person interviewed on The NewsHour, on PBS, people who profitted from Madoff's scheme, primarily early investors, may have to give back the profits.
     
  20. Mar 12, 2009 #19
    Can the people who fooled by Madoff be called idiots/blind?

    If he was just being clever and other being idiots, I don't know why anyone should get anything back (Knowing that this is not something new).
     
    Last edited: Mar 12, 2009
  21. Mar 12, 2009 #20

    Ivan Seeking

    User Avatar
    Staff Emeritus
    Science Advisor
    Gold Member

    By all accounts that I've heard, it was a very sophisticated sham that tricked even seasoned and sophisticated Wall Street investors. And it isn't like they lost their money; it was stolen.
     
Know someone interested in this topic? Share this thread via Reddit, Google+, Twitter, or Facebook




Similar Discussions: Madoff is now in jail
  1. Man to fat for jail (Replies: 4)

  2. My dog, in jail (Replies: 23)

  3. Naseem jailed! (Replies: 4)

  4. Getting raped in jail (Replies: 123)

Loading...