Bernie Madoff gets 150 years

29 Jun 2009 Author: rikyrah

Bernard Madoff gets maximum 150 years in prison
NEW YORK — Bernard Madoff has been sentenced to the maximum 150 years in prison for his multibillion-dollar fraud scheme. U.S. District Judge Denny Chin handed down the sentence in New York on Monday.
Defense attorneys had sought 12 years, while prosecutors wanted the maximum. The federal probation department had recommended 50 years. Chin called the fraud “staggering” and noted that it spanned more than 20 years. He says “the breach of trust was massive.”
(enlarge photo)Michael De Vita, a victim of Bernard Madoff’s ponzi scheme, speaks to reporters before Madoff’s sentencing outside Manhattan federal court in New York, Monday, June 29, 2009. (AP Photo/Seth Wenig)
The 71-year-old former Nasdaq chairman pleaded guilty to securities fraud and other charges in March and has been jailed since.

He’s only a cog. I want all the rest of them that helped him pull off his scam.

Tags: Bernie Madoff, Financial Fraud

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Myth
In the Joint:
“Say man, how many months you got? Madoff: “1800″
Mothsmoke
Clearly he'll be in jail for the rest of his life. I wholeheartedly support transferring the remaining years left from Madoff's sentence to BET and Debra Lee.
http://www.trusenses.com trusenses
“He’s only a cog. I want all the rest of them that helped him pull off his scam.”
The SEC investigated Madoff 8 times. I cannot see how they were not able to discover the Ponsi Scheme in 8 investigations. I am sure he had people inside the SEC who were taking a cut of the money.
spirit_55z
BWA HA HA!!! This is painfully funny and TRUE.
ch555x
Cats like Madoff are slick, so it may be a while before more see justice. Plus, I heard he wasn't willing to name anyone on the take…
RobM
Madoff has not given up his helpers. I suspect personally it is because they are family. Nor has he given any accounting of the money. I want to see what the trustee has found in regard to payouts.
The payouts are contentious because if you gave him $1 million, for example ten years ago and were told after that time that you account was worth $3. Then you withdrew $1.5 million, the trustee is looking to have the $.5 million returned to pay back the other investors. For many individuals if you have any money left you will be left worse off. if you are an institution not only are you worse off, this return has to come from some part of your current and future budget. This is devastating because many times a donor will say raise $5 million and I'll match it for the future when I die. W/ the match gone there are questions as to whether or not this is a allowable transaction against the estate.
Madeoff has internally crippled a zillion Jewish charitable organizations w/ his behavior and it will not end given the legal actions likely discussed above.
whiterosebuddy
Ain't that the truth!!
Better yet, we need to enforce social stigma against those 2 to hold them accountable. Maybe, the black 'ourkindofpeople' will ostracize them both, starting RIGHT NOW, they should be barred from all political and social civic/private/public events where social graces are evident.
As these two need to stick with the thug criminal entertainment set. That is all they perpetuate so let them associate with them as well.
whiterosebuddy
Madoff will probably have his sentenced reduced once he has served 5 years. they will parole his butt.
http://bettychambers.com GoldenAh
Heh. Madoff was as much the lone gunman as Timothy McVeigh was.
Anyone who steered a client towards him was involved in the scam. It was their duty to investigate: they did not. This includes many of the investments funds and banks from Europe as well.
I cannot really blame all investors for being blindsided. Look at how CNBC, and other financial news outlets make everyone who runs a corporation, hedge fund, or bank sound like an untouchable genius. All gush, all fandom, and no real analysis going on. They made investing sound easy, facile, and any idiot could do it (Jim Cramer, anyone?).
However, nothing is ever that easy.
http://www.jackandjillpolitics.com CPL
I second that transfer after the fiasco that was supposed to be a “tribute” to Michael Jackson.
http://www.jackandjillpolitics.com CPL
You ain't lying.
He'll probably get paroled like James Whitmore's character in “the Shawshank Redemption” because he'll be so old, he's no longer a threat to society. He's already got one foot out of the joint 'cause he's 71 now.
http://www.jackandjillpolitics.com CPL
I second that transfer after the fiasco that was supposed to be a “tribute” to Michael Jackson.
http://www.jackandjillpolitics.com CPL
You ain't lying.
He'll probably get paroled like James Whitmore's character in “the Shawshank Redemption” because he'll be so old, he's no longer a threat to society. He's already got one foot out of the joint 'cause he's 71 now.
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