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Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 1:29:18 AM

Vendaval

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Looks like Madoff is going to prison for the rest of his life. I hope it is some compensation for his former clients since this the investigation is on-going and who knows if and when they will get any of their investment funds returned.

"Madoff faces life in prison on 11 criminal charges"

By Grant McCool and Martha Graybow
Tue Mar 10, 2009 7:27pm EDT

NEW YORK (Reuters) - Bernard Madoff, accused of an "unprecedented" $50 billion financial swindle, was charged on Tuesday with 11 criminal counts that could put him in prison for the rest of his life.

Madoff, 70, a former Nasdaq stock market chairman and money manager, is expected to plead guilty on Thursday, his lawyer said.

U.S. prosecutors provided new details of the alleged fraud in court papers, saying Madoff's crime spree lasted from "at least" the 1980s.

The government said in court documents it wants Madoff to forfeit all of the money and property that can be traced back to the alleged fraud -- a sum it estimated at more than $170.8 billion. Prosecutors did not say how they arrived at that figure.
They said the investigation is continuing. No one else has been charged since Madoff was arrested three months ago.

"The charges reflect an extraordinary array of crimes committed by Bernard Madoff for over 20 years," Acting U.S. Attorney Lev Dassin in Manhattan said. "While the alleged crimes are not novel, the size and scope of Mr. Madoff's fraud are unprecedented."

Madoff was charged with securities fraud, mail fraud, wire fraud, three counts of money laundering, making false statements and perjury among other charges, according to the court documents. ID:nN10540416. He faces up to 150 years imprisonment, according to sentencing guidelines.

NO PLEA DEAL

There is no plea agreement with Madoff, who remains under house arrest. He returned to his Manhattan penthouse apartment after a court hearing where prosecutors announced expanded charges against him."

http://www.reuters.com/article/ousiv/idUSN1046349920090310

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 3:02:43 AM

subfever

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Too bad tar and feathering prior to incarceration is considered cruel and unusual punishment.

(in reply to Vendaval)

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 3:22:37 AM

Vendaval

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I hear you. How much if any of their funds will his former clients receive back?
That is the big question and will likely take years to resolve.

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 3:48:21 AM

subfever

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I can't help but wonder how much one solid punch or slap to his face per damaged client would help towards processing the victims' emotional pain and dissipating their other negative energies created by his scam.

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 3:56:21 AM

Vendaval

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The line-up for that would stretch around several financial sector city blocks.

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 6:13:31 AM

kittinSol

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According to CNN, Madoff qualifies for the title of 'most hated man in America'. The one positive point for him: he won't be forgotten by history. People will still be talking about him long after his death. Fame or infamy, what difference does it make? I bet you that American Idol contestants and George Bush are beyond envious

.

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 6:39:03 AM

UncleNasty

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The tar used in a "tar and feather" must needs be hot enough to pour or spread easily. I think it usually killed the recipient as it amounted to substantial burns over most of their body. Ugh.

I am in favor of his being held accountable, and would smile most on any punishment that also included his making his victims whole in whatever ways are most effective. Punishment without compensation only gets us halfway.

There are also a number of regulators that obviously dropped the ball, and for a number of years, whose job it was to protect citizens from exactly the type of bad deeds he committed. What is to become of them? Should they not also be held accountable?

Uncle Nasty

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 7:01:05 AM

kittinSol

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Agreed - all this populist call for hurting Madoff is completely unconstructive (not to mention scary). If there is any way Madoff can be made to compensate his victims, then it ought to be pursued with all the force of the law.

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 3:25:17 PM

Vendaval

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Uncle Nasty,

Yes, anyone who had regulator oversight of Madoff and knew about the fraud needs to be held accountable.

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So in this gray haze we'll be meating again, and on that
great day, I will tease you all the same."
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(in reply to UncleNasty)

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 4:06:34 PM

rulemylife

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quote:

ORIGINAL: Vendaval

Uncle Nasty,

Yes, anyone who had regulator oversight of Madoff and knew about the fraud needs to be held accountable.

Let's face it, even he's not accountable.

Have you noticed that silly smirk on his face in each photo?

He's enjoyed his run and doesn't really care anymore. Even if he is given a life sentence it will most likely amount to less than ten years at his age.

He played everyone, enjoyed it, and won, and he knows it.

(in reply to Vendaval)

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 5:22:36 PM

SpinnerofTales

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What's interesting to me is that Madoff has requested to serve his time in a maximum security prison with the rapists, murderers and ganbangers becuse he is afraid of being shanked in a minimum security prision by the bankers and brokers.

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 6:05:48 PM

MasterG2kTR

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From: Wisconsin
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It was suggested on CNN that he will plead guilty, not because he wants to come clean on the whole affair, but so that he can protect friends and family who will still benefit from his scam. By avoiding trial it keeps them from being exposed in any potential involvement.

As for restitution to his victims, the biggest problem in this country is that we have "courts of law" not "courts of justice"! If (huge if) we had true courts of justice, I would like nothing less than to see them seize all assets and property of his and begin distribution to his client/victims until all debts are paid. Then if anything remains, give it to charities.

(in reply to SpinnerofTales)

Post #: 12

RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 7:39:28 PM

TheUtopian

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quote:

ORIGINAL: subfever

Too bad tar and feathering prior to incarceration is considered cruel and unusual punishment.

I'd say there's at least a 50/50 chance he goes the same route as Ken Lay---That is to one of the underground cities

It's now widely held that Madoff hadn't purchased any securities on behalf of his investors for close to fifteen years....And to date, they've recovered less than a billion dollars, much of it tied to personal assets.

So, where did the balance go? Some say its somewhere in Israel, some say its in Switzerland, the Cayman Islands, etc, under fictitious, straw man accounts, and some say he lost it in this complex derivatives debacle. It's my guess that its a portion of all three and then some...

As for victim recourse : Well....the attorneys will surely eat up a large chunk of what they have already recovered....And after that, I guess each of the supposed victims could be due some compensation ala the Securities Investor Protection Corp--- which is basically a federally backed insurance fund dedicated for indemnification purposes related to securities fraud. But at 500k a wack, that amounts to nothing more than chicken slop for guys like Mort Zuckerman and all the institutional investors who were bilked by Madoff.

There's a whole lot more to this story than meets the eye.....

- R

< Message edited by TheUtopian -- 3/11/2009 7:45:16 PM >

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 8:48:55 PM

pahunkboy

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Madoff is well connected. He isnt going to jail.

The money fled the country. The crook is not the only one. There must be dozens of them.

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 8:54:38 PM

slvemike4u

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Oh Madoff is going to jail,and for the rest of his days.The question here is why does a man plead guilty while accepting the maximum possible sentence.The fear is that as MasterG alluded too,the accommodation received is no future indictments come down for either his wife or his 2 sons executives all in the family firm....

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 8:58:26 PM

RainydayNE

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Joined: 10/21/2008
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quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: Vendaval

Uncle Nasty,

Yes, anyone who had regulator oversight of Madoff and knew about the fraud needs to be held accountable.

Let's face it, even he's not accountable.

Have you noticed that silly smirk on his face in each photo?

He's enjoyed his run and doesn't really care anymore. Even if he is given a life sentence it will most likely amount to less than ten years at his age.

He played everyone, enjoyed it, and won, and he knows it.

pretty much agreeing with this at the moment.

and if he does go to prison, it'll probably just be one of those fancy white collar ones that isn't really "prison" at all =p well, not in the sense tha we generally understand it.

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Post #: 16

RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 9:00:44 PM

pahunkboy

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quote:

ORIGINAL: slvemike4u

Oh Madoff is going to jail,and for the rest of his days.The question here is why does a man plead guilty while accepting the maximum possible sentence.The fear is that as MasterG alluded too,the accommodation received is no future indictments come down for either his wife or his 2 sons executives all in the family firm....

$10 says he wont spend his life in jail. :-)

(in reply to slvemike4u)

Post #: 17

RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 9:29:10 PM

slvemike4u

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The easiest $10.00 I ever made ,Pa I accept your wager sir.

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4

(in reply to pahunkboy)

Post #: 18

RE: Madoff, no plea deal, up to 150 years sentencing - 3/11/2009 10:53:08 PM

MasterKalif

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Ladies and Gentlemen, I think Mr. Madoff will spend some time in a minimum -white collar prison for a small period of maybe 2-4 years, then will be released on good behavior, on repentance, etc...everyone will say he paid his debt to society, etc.

In any case what blows my mind is the investors...specially some wealthy ones, why did they invest everything with Madoff? I am not a savvy investor and I even know that you should never ever have all your eggs in one basket...its common sense. Also how come Mr. Madoff did not invest anything in the last 15 years, how come the investors didn't start asking what was going on with the money? does anyone have details as to how he got away with it?

I hope the investors do recover some of the money, its only fair some compensation...specially when I read of some poor 70 yr old man who lost all his life svings (about 1 million USD) and had to take a job for $10 USD an hour at a supermarket....thats just not right. But then who said life was fair...the moral of the lesson is...if things sound too good to be true, it probably is.

I hope Madoff pays back each and everyone of the people he scamed....and then goes to jail. The "institutions" deserve some back but less than individual people in my opinion.

(in reply to slvemike4u)

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RE: Madoff, no plea deal, up to 150 years sentencing - 3/12/2009 3:01:37 AM

VanessaChaland

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I would hope that they prosecute that bitch wife of his and take away her 62 million and penthouse as well. :)

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