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Deckard

Bernard Madoff Sentenced To 150 Years For Biggest Ponzi Scheme

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http://www.bloomberg.com/apps/news?pid=206...id=aPDMGOxP0uJQ

June 29 (Bloomberg) -- Bernard Madoff told a federal judge he had no excuses before a judge sentenced him to 150 years for masterminding the largest Ponzi scheme in history.

Madoff appeared in court today before U.S. District Judge Denny Chin for the first time since his March 12 guilty plea for an epic swindle that may have reached $65 billion.

“I don’t ask for any forgiveness,†Madoff, 71, told Chin. He said he deceived his brothers, his two sons and his wife.

Madoff pleaded guilty to securities fraud, mail fraud, wire fraud, investment adviser fraud, three counts of money laundering, false statements, perjury, false filings with the SEC and theft from an employee benefit plan.

Madoff today was led into the 11th floor courtroom in Manhattan federal court clad wearing a suit and flanked by federal marshals. Seated beside defense attorney Ira Sorkin, Madoff sat silently as nine former investors assailed him for a fraud that cost many their life savings.

Madoff has shown “no remorse,†said victim Carla Hirschhorn, of Manalapan, New Jersey, at the hearing. She told Chin her life is a “living hell,†her mother is dependent on social security and her daughter works two jobs to pay tuition. “Don’t fail us,†she told the judge.

Sorkin told the court after the victims spoke that his client is a “deeply flawed human being.â€

Madoff pleaded guilty to securities fraud, mail fraud, wire fraud, investment adviser fraud, three counts of money laundering, false statements, perjury, false filings with the SEC and theft from an employee benefit plan.

By the same token, what kind of sentence should gordo get?

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Guest sillybear2
Where is all the money?

Most of it never existed, people counted their imaginary gains and also counted them as losses, the real capital was either paid out to other investors to meet redemptions, spent by Madoff or stashed away in tax havens :-

http://bbc.co.uk/i/lk156/

Edited by sillybear2

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Great, how long did Greenspan get?

too right, the real pyramid scheme is the Federal Reserve Note a.k.a. US-Dollar...

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Guest sillybear2
UK Gilts is far bigger

Social Security is far bigger

Quite right, if Madoff had simply called his ponzi scheme a "pension fund", or even better a "public pension fund" then he would have got away with it, there are people sitting at their desk right now getting paid a tidy salary for legally doing what Madoff did.

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Guest theboltonfury

I should imagine this news has cheered Sir Allen Stamford right up.

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Guest sillybear2
I should imagine this news has cheered Sir Allen Stamford right up.

Stanford didn't do anything wrong, he said so and cried for the cameras... you've gotta fight, for your right, to ponzzzzziiii.

The US govt was also in on his scam, he paid the authorities off :-

http://news.bbc.co.uk/1/hi/uk/8029494.stm

Edited by sillybear2

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What kind of time will he be doing? "One bunk Hilton" of the Ford Open Prison variety? Or will he do the "hardest time there is" and get "cast down with the sodomites"?

At 71, he 'aint digging his way out with a rock hammer!

Monty

[Got to love Shawshank, some truly great quotes :P ]

Edited by uncle_monty

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Guest theboltonfury
Stanford didn't do anything wrong, he said so and cried for the cameras... you've gotta fight, for your right, to ponzzzzziiii.

The US govt was also in on his scam, he paid the authorities off :-

http://news.bbc.co.uk/1/hi/uk/8029494.stm

Well, last time I saw an image of him , he was in an orange prison suit. He didn't pay them enough.

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Guest sillybear2
Well, last time I saw an image of him , he was in an orange prison suit. He didn't pay them enough.

:lol: To be honest I think they've remanded him so the drug cartels don't get to him first, when news of his scam first broke he ran to the nearest FBI office for protection!

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Guest theboltonfury
:lol: To be honest I think they've remanded him so the drug cartels don't get to him first, when news of his scam first broke he ran to the nearest FBI office for protection!

He needs 50 years solitary just to contemplate his moustache!

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Guest sillybear2
He needs 50 years solitary just to contemplate his moustache!

I think he'll get 20/20.

If he was a British banker he'd get a fat pension and a knighthood.

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Guest theboltonfury
I think he'll get 20/20.

If he was a British banker he'd get a fat pension and a knighthood.

Well, the West Indies Cricket team won't like this one little bit. To them, he's an innocent man.

I assume they got paid?

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A pension scheme works just like a ponzi scheme.

People pay money

They cant access the money they have paid until they are retired

Meanwhile the pension scheme pays out to past investors and promises return to new investors.

Why didnt he just call it a pension scheme, rather than so called investments. He could have been sipping cocktails in Palm Beach, instead of being bitchboy to the jailbirds.

He has enough time to ponder the whys and wherefores.

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I'd be happy to live the life of a billionare until the age of 73 then get sent to jail once I'm past it. fair play, I bet he was snorting coke off hookers asses and indulging in hedonistic heaven with the cash while he still could, I'd swap him

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Guest theboltonfury
I'd be happy to live the life of a billionare until the age of 73 then get sent to jail once I'm past it. fair play, I bet he was snorting coke off hookers asses and indulging in hedonistic heaven with the cash while he still could, I'd swap him

Let's see if he still thinks that when he's in the prison shower and the soap slips off its tray.

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Guest sillybear2
Let's see if he still thinks that when he's in the prison shower and the soap slips off its tray.

Goodwin rips off the British tax payer to the tune of billions and gets a fat pension and knighthood for his troubles, Madoff ripped off a bunch of Jews and gets 150 years in prison <_<

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