| Jun 29 @ 2:49 PM |
Madoff 150 years.
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burnslikethesun
Posts: 13,027
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Sweet. The dude will not be seeing the outside of prison.
They found 1 billion, where's the other 92?
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| Jun 29 @ 3:51 PM |
Madoff 150 years. |
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Angel54214
Posts: 18,201
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Check this out...
Madoff's lawyer, Ira Sorkin filed an appeal, and prosecutors responded with a notice of opposition. On March 20, 2009, an appellate court denied Madoff's request to be released from jail and returned to home confinement until his June 29, 2009 sentencing. On June 22, 2009, Sorkin hand-delivered a customary pre-sentencing letter to the judge requesting a lenient sentence of twelve years, due to tables cited from the Social Security Administration that his life span is predicted to be 13 years.
On June 26, 2009, Chin ordered Madoff to forfeit $170 billion in assets--an amount equivalent to the money that was deposited in the Chase account. His wife, Ruth, relinquished all but $2.5 million of her assets. Prosecutors recommended Chin sentence Madoff to the maximum sentence of 150 years, that his crimes "call for severe punishment." The prosecutors also stated that Irving Picard, the bankruptcy trustee, has indicated that "Mr. Madoff has not provided meaningful cooperation or assistance." The judge granted Madoff permission to wear his personal clothing at sentencing.
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| Jun 29 @ 4:04 PM |
Madoff 150 years.
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lazareth
Posts: 1,473
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while I think he deserved every year he got.... as far as his victims go, I do feel badly for... but I always hear " don't put all your eggs in one basket".....
he apparently was a real smooth talker in order for all of these folks to put all of their eggs in his basket
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| Jun 29 @ 5:09 PM |
Madoff 150 years. |
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daisy315
Posts: 4,946
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my guess is that he will be pulling his time in some cushy prison with a spa and tennis courts
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| Jun 29 @ 6:13 PM |
Madoff 150 years.
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Laidback742
Posts: 4,679
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150 ... ? That's all .... ?
He got off light.
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| Jun 29 @ 6:30 PM |
Madoff 150 years. |
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legacy1
Posts: 668
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my guess is that he will be pulling his time in some cushy prison with a spa and tennis courts
They should have exiled him to some 3rd world countrie's prison...150 years would seem like 300 in one of those...
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| Jun 29 @ 8:15 PM |
Madoff 150 years.
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burnslikethesun
Posts: 13,027
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the dude should be a slave for those he ripped off.
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| Jun 29 @ 9:29 PM |
Madoff 150 years. |
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eastham
Posts: 7,919
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don't put all your eggs in one basket".....
I wrote a blog about Madoff. He committed, as did Ponzi, an affinity crime. He hit up people he knew from his synagogue and their friends. Just with Ponzi, we'll invest because we know him, he's one of us....
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| Jun 29 @ 9:44 PM |
Madoff 150 years.
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uab_5
Posts: 4,759
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No tears for the victims...they were ALL looking to make a fast buck and should've been smarter for not secong guesing a man who could earn 30% when the rest of the market was maxed out at 7%
MadoFf and the swindled were ALL GREEDY!
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| Jun 29 @ 10:48 PM |
Madoff 150 years. |
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eastham
Posts: 7,919
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they were ALL looking to make a fast buck
You are very wrong. Most of Madoff's investors were not day traders. Those people are looking to make a fast buck. These people were investing for the long term (aka retirement income), which is why people lost such a large portion of their incomes and why they were willing to put their eggs in one basket. Indeed, many of the investors were second generation Madoff investors.
There were also a number of institutional investors defrauded by Madoff. As a rule, institutional investors take the long view and are not looking to make a fast buck.
And finally, many of Madoff's investors had no idea they were invested with Bernard Madoff. They invested in other funds, the so called feeder funds, which in turn invested in Madoff.
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| Jun 29 @ 11:02 PM |
Madoff 150 years.
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MotownManiax
Posts: 9,737
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Probably agree with uab's position regarding the high rollers. Most of them either knew something was fishy but dismissed it or avoided confronting the maxim 'If it sounds too good to be true, it usually is (so a scam)". They still continued contributing for years, thinking the profits were too good to pass up. Most weren't even surprised when Madoff was finally exposed?
Unfortunately, there were many others that never knew their investments were part of Madoff's scheme. Numerous pension funds and charity organizations, for example, were steered to Madoff by unscrupulous fund managers and people that actually believed it would help grow their charities. Retirees in the affected pension plans probably had no idea who Bernie Madoff was until he was arrested? It's the innocents I really feel for.
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| Jun 29 @ 11:03 PM |
Madoff 150 years. |
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MotownManiax
Posts: 9,737
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lol...East beat me to it. I would love to read your blog about Madoff, btw. Please provide the link if you can.
 Mo
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| Jun 29 @ 11:22 PM |
Madoff 150 years.
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eastham
Posts: 7,919
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Here's the link.
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| Jun 30 @ 11:06 AM |
Madoff 150 years. |
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Gallows_Humor
Posts: 13,679
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my guess is that he will be pulling his time in some cushy prison with a spa and tennis courts
this point does deserve to be followed up on..as...imho.. the "club med" federal prisons are a thing of the past....
 ..... 
( if they are not...they should be.....)
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| Jun 30 @ 3:37 PM |
Madoff 150 years.
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Angel54214
Posts: 18,201
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my guess is that he will be pulling his time in some cushy prison with a spa and tennis courts
On the inner thought of those subjects, you could be right for he asked the judge ahead of time before receiving his sentencing, if he could wear his business suit and not a prison jumpsuit garb. LOL.
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| Jul 2 @ 10:56 PM |
Madoff 150 years. |
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Angel54214
Posts: 18,201
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Madoff's wife Ruth gets evicted!
Ruth Madoff got the boot from her Upper East Side penthouse today - and walked out with "just the clothes on her back," authorities said.
Six US Marshals showed up at Ruth's luxury apartment armed with a court order to seize the residence that she shared for years with her hubby - now-imprisoned arch-Ponzi scammer Bernard Madoff - and all of the contents inside.
Read the Court's Order Forcing Ruth Madoff Out of Her Penthouse
Ruth Madoff, 68, left right afterward "with just the clothes on her back," said US Marshal Joseph Guccione. "Technically, everything in there is restitution for the victims."
A marshal entering the building at 133 E. 64th St., said, "We're not here to load up [the apartment's contents] today. We are here to officially seize the property."
US Marshals spokesman Roland Ubaldo later told reporters, "Today at 12 noon, US Marshals took custody of the possession of Bernard Madoff pursuant to a court order issued by Judge Denny Chin on June 29.
"Ruth Madoff was in the apartment when we arrived and has vacated the residence. She has surrendered all personal property [in the residence] to the US Marshals Service."
Ruth Madoff last week signed a deal with federal authorities to surrender tens of millions of dollars worth of assets, including the $7 million penthouse, which will be sold off to reimburse her swindler hubby's thousands of victims, however slightly.
Her lawyer, Peter Chavkin, said only, "Ruth left voluntarily and in an orderly manner to which all sides agreed."
It was not disclosed where Ruth will now live. A number of Manhattan buildings have refused to rent to her because of her notoriety. The locks on her former residence were changed as part of the seizure by marshals, a source said.
The government now will retain a real estate agent to market the residence for sale, and likely will auction off the apartment's pricey contents, which include a Steinway piano valued at about $39,000 and a set of silverware valued at about $65,000.
Today's dramatic eviction action comes three days after Bernard Madoff, 71, was sentenced to 150 years in prison for his multi-billion-dollar fraud.
Madoff remains locked up in a lower Manhattan federal jail awaiting a decision on which prison he will be sent to.
As part of her deal to surrender the penthouse, other real estate, yachts and several bank accounts, Ruth will be allowed to keep $2.5 million -- a mere fraction of the vast wealth she enjoyed by virtue of Bernard's massive crimes for decades.
The Post exclusively revealed yesterday that federal prosecutors have decided not to criminally charge Ruth in connection with Bernard's fraud because they lack evidence that she either knew of his Ponzi scheme or participated in it. http://www.nypost.com/seven/07022009/news/regionalnews/manhattan/ruth_madoff
_served_eviction_notice_177221.htm
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| Oct 26 @ 2:24 AM |
Madoff 150 years.
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Angel54214
Posts: 18,201
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Another one of Madoff's friends found dead...
MIAMI, Oct. 25, 2009 (Reuters) — Palm Beach billionaire Jeffry Picower, described as the biggest beneficiary of Bernard Madoff's fraud, died on Sunday after he was found at the bottom of the pool at his mansion home, police said.
Emergency services were called to the oceanside home after Picower, 67, was pulled from the pool by his wife and a housekeeper, and he was later pronounced dead, the Palm Beach Post reported quoting police and Fire Rescue officials.
The trustee in the Madoff fraud case had said in court documents late last month that Picower, newly listed as one of the 400 wealthiest Americans by Forbes magazine, was complicit in the fraud. He was being sued for $7.2 billion.
Picower and his wife Barbara were friends of Madoff, who is serving a 150-year sentence after pleading guilty to running a $65 billion Ponzi scheme. http://www.newsdaily.com/stories/tre59o1tq-us-madaoff-picower/
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| Oct 26 @ 12:06 PM |
Madoff 150 years. |
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newlife2006
Posts: 860
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With Picower silenced , traces of missing 92 billion are securely covered .
Rather "professional" move, isn't it?... I won't be surprised if Berni is home free pretty soon , seems like some officials are about to get rich beyond their dreams in near future... 
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| Oct 27 @ 5:26 PM |
Madoff 150 years.
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CentsofHumor
Posts: 23
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Makes me wonder, where anyone thinks the Feds are going to spring Ole Bernie
He's in the clink as an example of swindling the public in record numbers...the
most horrific part of the Madoff Scheme, and swindling people..has NOT been corrected, even today...For the neophyte..Bernie sent confirmations of orders that
he allegedly executed..when in fact he never did..and those who checked spot
quotes were distant from where the ticker reported. Next, the greater majority of
those people. Rolled their Funds, within their accounts..with no actual cash being
paid out on alleged sales of the securities..Bernie would of course pay out a minor
amount on a sale of a security, altho the order was never executed by the floor
specialist..and Bernie being a former Pres if the NASD (National Association of
Securities Dealers)..knew exactly how to manipulate those confirmations, trades
statements and clients. All was a smoke and screen charade...and what have
we learned from ole Bernie....ABSOLUTELY NOTHING !!!!....because his methods
of wrangling the Securities markets are still uncorrected by nether the NASD, or
the SEC..in other words...its a teaching progress for anyone..to go in today and
replicate exactly what Bernie did..and get away with it.....remember he still would
be gitting away.were it not for his two sons...fingering his enterprise.. And lastly
I don't know where anyone thinks sitting in the Fed Pokey is a Country Club..remember..we're cutting funds all over the place, and prisoners are first in
line !!!
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