# Madoff is now in jail

#### Ivan Seeking

Staff Emeritus
Gold Member
He plead guilty to all eleven counts.

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#### Astronuc

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

. . . .
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

Homework Helper
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."

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

Homework Helper
It was his first offence !

#### turbo

Gold Member
It was his first offence !

Good riddance.

#### turbo

Gold Member
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.

#### Proton Soup

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

#### LowlyPion

Homework Helper
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

Gold Member
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

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.

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. #### Unknot 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? #### Proton Soup 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 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. #### rootX 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: #### Ivan Seeking 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. #### rootX 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 Staff Emeritus Science Advisor Gold Member One person was commenting tonight that it is very difficult to hide$50-$65 Billion. It all had to go somewhere. #### Gnosis 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 Staff Emeritus Science Advisor Madoffs were worth more than$823M, documents show
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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#### TheStatutoryApe

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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