He plead guilty to all eleven counts.
He apologized, but that didn't carry well with some of his victims.
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!
The most incredible thing I've heard about this case is Elie Wiesel's call for a Federal bail out for Madoff's thievery.
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.
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.
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.
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.
Robert Maxwell's sons were directors of his company when it stole $1Bn of pension funds - they didn't even get disqualified as directors.
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. ;)
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.
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.
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?
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.
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.
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).
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.
One person was commenting tonight that it is very difficult to hide $50-$65 Billion. It all had to go somewhere.
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.
Madoffs were worth more than $823M, documents show
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.
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.
Separate names with a comma.