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150 years is essentially a life sentence...and - Page 5 - Politics, Business, Civil, History - Posted: 25th Aug, 2009 - 12:38am
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Time Of Ponzis Grandest Madoff
Madoff just got 150 years without parole from the judge. Needless to say that is a life sentence. Of course he said "Sorry" and that he lied to his sons and wife (obviously to protect them).
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WHy not just say "I sententce you to life in prison" and save all the drama with the high number. I doubt he's going to outlive 150 years anyway.
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Page 5 Time Of Ponzis Grandest Madoff
Traditionally, white-collared crimes have received fairly short sentences since it was a "bloodless crime". However, over the last few years, it seems there has been a effort to send a message that these crimes will not be tolearated either and you will pay with your life.
These guys just stole millions and look what rewards they got when getting caught...
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| apnews Madoff's sentence was not the longest for a white-collar criminal. New York businessman Sholam Weiss, 55, was sentenced in February 2000 to 845 years in prison for his role in a plot that skimmed $400 million from an insurance company, costing many of its 25,000 customers their life savings. The government lists his release date as Nov. 23, 2754. And Norman Schmidt, 73, was sentenced in Denver last year to 330 years in prison for his role in a multimillion-dollar investment scam. He's scheduled for release in September 2291. |
I am fairly sure that Sholam and Norman will not see the end of their sentences.
When we talk we usually talk aboout the amount that is semi-directly tied to Bernie's Big Adventure, but when I think about the real cost it is going to be even more impressive. This scheme has touched all sorts of business and government entities. These people paid tax on ficticious gains. The IRS and lawyers are going to have a long long argument about payouts and taxation of imaginary gains. If it were only a few million like the guys above...maybe they just say tough luck and move on or the government picks up the tab, but this is BILLIONS.
You just know there are more that are going to fall in this escapade. It is just not possible for him to have done this completely alone. However, let the news go out...white collar crime is not a 20 year slap on the wrist any longer!
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Time Of Ponzis Grandest Madoff
I just caught this little nugget. Seems like there are at least 10 others that will be facing the heat by the time this is said and done...
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| Source: 10 More Will Be Charged in Madoff Scam Tuesday, June 30, 2009 AP NEW YORK - A person familiar with the investigation into disgraced financier Bernard Madoff says at least 10 more people are likely to be charged by the time the probe is complete. The person tells The Associated Press they will face federal charges over the next few months. The person spoke on condition of anonymity because the investigation is ongoing. Madoff was sentenced Monday to 150 years in prison for a multibillion-dollar fraud that burned thousands of investors. The person familiar with the probe wouldn't detail the likely charges against the others or say whether they would include Madoff's relatives or former employees. The only other person charged in the case is Madoff's longtime accountant, who was accused of failing to make basic auditing checks and was arrested in March. |
I am betting that at least a couple of them ARE going to be family members.
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Madoff - Grandest Ponzi's Of All Time
Reality just slapped Ruth Madoff pretty hard...
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| Ruth Madoff Asks to Keep Her Fur Coat as U.S. Marshals Seize Penthouse Thursday, July 02, 2009 APnews NEW YORK - The U.S. Marshals Service on Thursday took possession of disgraced financier Bernard Madoff's $7 million Manhattan home, an action that forced his wife to move elsewhere despite her plea to stay. Ruth Madoff asked to remain in the penthouse and wanted to take a fur coat with her before federal marshals seized the property. A federal official informed of Ruth Madoff's departure from her apartment Thursday tells The Associated Press that when marshals said she couldn't take her coat, she left carrying just a straw bag. The official wasn't authorized to discuss the details of her departure and spoke on condition of anonymity. Marshals seized the property at about noon Thursday; a judge says it must be sold to help pay back investors who lost billions to Bernard Madoff's financial fraud. Earlier Thursday, U.S. Marshal Joseph Guccione said Madoff's wife Ruth had been advised in advance of the marshals' plans and was leaving the residence, surrendering all personal property. "She will be leaving," he said. "Restitution for the victims is the government's top priority." Typically, the marshals service changes all locks and secures a property when it seizes a location. Bernard Madoff, 71, was sentenced Monday to 150 years in prison. He pleaded guilty in March to charges that his investment advisory business was a multibillion-dollar Ponzi scheme that wiped out thousands of investors and ruined charities. Authorities said Madoff had carried out the fraud for at least two decades before confessing to his sons in December that his investment business was a fraud and that he had lost as much as $50 billion. Last week, Ruth Madoff agreed to give up all of her possessions in return for a promise that federal prosecutors would not go after the $2.5 million she can keep. The money, though, is not protected from civil legal actions that might be pursued by a court-appointed trustee liquidating Madoff's assets or by investor lawsuits. Ruth Madoff broke her silence Monday when she said in a statement that her husband "stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves." |
That 2.5 million isnt going to pay for her new place, replacement items and lawyers on the upcoming civil issues, but she does have a mighty fine straw bag I am sure!
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Madoff Grandest Ponzi's Of Time - Page 5
It seems like despite the fact he got 150 years in prison, he may spent few months maybe? It is reported that Madoff is dying of cancer.
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| Convicted Ponzi schemer Bernie Madoff is dying of cancer, sources told the New York Post. Madoff, who is serving 150 years at a North Carolina federal prison after pleading guilty to swindling more than $65 billion, has been telling fellow inmate he doesn't have much longer to live. "He's been taking about 20 pills a day for his cancer," one inmate told the newspaper. "He talks about it all the time. He's not doing very well." Speculation has swirled as to why Madoff, 71, took sole responsibility for the scheme and rumors of his suffering from pancreatic cancer surfaced months before he arrived at the Butner, N.C., complex in June... |
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Madoff Grandest Ponzi's Of Time Politics Business Civil & History - Page 5
150 years is essentially a life sentence...and that he shall have unless he turns into the Lockerbee Bomber and is set free to die at home. I kind of doubt that he will be let go to die because of what you basically just said...he really has had little punishment for the crime. You might say the cancer is just rewards...
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