Madoff is now in jail

Ivan Seeking

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He plead guilty to all eleven counts.
 

Astronuc

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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]
. . . .
Madoff pleaded guilty to charges including fraud, perjury and money-laundering, telling the judge that the scheme began in the early 1990s, when the country was in a recession and the market was not doing well.
. . . .
"When I began the Ponzi scheme I believed it would end shortly and I would be able to extricate myself and my clients from the scheme," he said. "However, this proved difficult, and ultimately impossible, and as the years went by I realized that my arrest and this day would inevitably come."
. . . .
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!
 
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LowlyPion

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The most incredible thing I've heard about this case is Elie Wiesel's call for a Federal bail out for Madoff's thievery.
Wiesel said he is planning legal action against Madoff but called for the federal government to bail out charities just as it has bailed out carmakers and banks.

"I think it would be a great gesture that the Obama administration should show, we really think of those who are helpless and who are doing with their money only good things."
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.
 

mgb_phys

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It was his first offence !
 

turbo

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It was his first offence !
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.
 

russ_watters

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He pleaded guilty to 11 offenses, many of which played out over many years.
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.
 
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.
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.
 

mgb_phys

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Next for the prosecution should be Madoff's wife and relatives that profited from his thievery.
Robert Maxwell's sons were directors of his company when it stole $1Bn of pension funds - they didn't even get disqualified as directors.
 
Good riddance.
 

turbo

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

LowlyPion

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no need to throw the book at him. save some charges in case he earns some acquittals. ;)
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.
 

turbo

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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.
maybe let him out on bail and let nature take it's course??? I'd rather see some disclosure and claw-back.
 

LowlyPion

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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.
 
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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.
 
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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?
 
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.
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.
 

Ivan Seeking

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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.
 
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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).
 
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Ivan Seeking

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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.
 
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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.
I remember my parents getting tricked into this once .. all money was just disappeared. No one ever found even a single penny! But, it didn't affect us much. That's why I don't trust these kind of complicated schemes much.
 

Ivan Seeking

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One person was commenting tonight that it is very difficult to hide $50-$65 Billion. It all had to go somewhere.
 
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He's facing a potential of 150 years in prison, which is pointless at anyone's age, but especially so per his age. He doesn't have all that much longer to live anyway. Short of executing him, they have no means by which to appropriately punish the thieving parasite.
 

Astronuc

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Madoffs were worth more than $823M, documents show
http://news.yahoo.com/s/ap/20090314/ap_on_bi_ge/madoff_scandal_assets [Broken]
NEW YORK – Bernard Madoff and his wife had $823 million in assets at the end of last year, including $22 million in properties stretching from New York to the French Riviera, a $7 million yacht and a $2.2 million boat named "Bull," according to a document his lawyers filed Friday.

The document, prepared for the Securities and Exchange Commission at the end of last year, was contained in papers filed with the 2nd U.S. Circuit Court of Appeals in an effort to get Madoff freed on bail.

Among the couple's assets: a $12 million half share in a plane, $65,000 in silverware and a $39,000 piano. It values their four properties — in Manhattan, Montauk, Palm Beach, Fla., and Cap d'Antibes, France — at $22 million, and the furniture, fine art and household goods in the homes at $8.7 million.

But the bulk of Madoff's assets, according to the document, consists of an estimated $700 million value put on his investment business. Madoff said during his plea that the market making and proprietary trading side of his business were "legitimate, profitable and successful in all respects."
. . . .
Among those under scrutiny is Madoff's wife, Ruth, who withdrew $15.5 million from a Madoff-related brokerage firm in the weeks before Madoff's Dec. 11 arrest, including a $10 million withdrawal on Dec. 10.

Passing references to Ruth Madoff during her husband's guilty plea Thursday drew laughter from a mocking audience of investors still bristling over a disclosure several weeks ago that she wants to keep $69 million in assets, including the couple's $7 million Manhattan penthouse.

In addition, she faces potential civil litigation as a result of the collapse of her husband's financial empire. Her lawyer has declined to comment.
. . . .
It would seem to me that if Bernie Madoff is truly remorseful, he would be working very hard to help authorities identify where the money went. Still more to come in this case I guess.
 
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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.
I'm fairly certain that there were many innocent bystanders in this who trusted madoff. in and of itself I would not think that worthy of a bail out but I hear that authorities had been presented with credible evidence that madoff was involved in illegal financial activities 10 or more years ago. I can see how one could argue the merit of a government bailout in the case of negligence on the part of the federal authorities.
 

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