Posted on 03/10/2009 5:28:09 PM PDT by TigerLikesRooster
Bernard Madoff faces 150 years as he agrees to plead guilty to fraud
Bernard Madoff
James Bone in New York
Bernard Madoff could spend the rest of his life behind bars after he agreed to plead guilty last night to running a “massive Ponzi scheme”.
The New York financier, 70, appeared in court in a dark suit and bullet-proof vest to face 11 charges of fraud that cheated some of America’s most famous names out of billions of dollars. Asked by the judge whether Mr Madoff would be pleading guilty, Ira Sorkin, his lawyer, said: “I think that is a fair expectation.”
Mr Madoff, who has been under 24-hour house arrest in his Upper East Side penthouse on $10 million (£7 million) bail since his arrest on December 11, is expected formally to enter the guilty plea at a hearing tomorrow. At that hearing, victims of his $50 billion fraud may get their first chance to confront him.
Prosecutors said that the charges carried a maximum sentence of 150 years and vowed to show no mercy. “The charges reflect an extraordinary array of crimes committed by Bernard Madoff for over 20 years,” Lev Dassin, the federal prosecutor, said. “While the alleged crimes are not novel, the size and scope of Mr Madoff’s fraud are unprecedented. As a result, Mr Madoff faces 150 years in prison, mandatory restitution to the victims of his crimes, forfeiture of his ill-gotten gains and criminal fines.”
(Excerpt) Read more at timesonline.co.uk ...
Ping!
I t5hink they ought to give him 160 just in case he lives that long!
Will believe it when I see it. And they might consider investigating the criminals in our government from the President on down.
Gee, wonder what he will do for a living when he gets out? ;-)
From: SliderOnTheBlack 3/10/2009 9:04:30 AM
21 Recommendations
Do You Smell Another Set Up Coming?
Does it make sense to you, that in what is clearly,
a complete and total “open & shut case”...
that Madoff has remained free, and out on bail -
this entire time?
Or, that prosecutors have not even questioned Madoff’s
children, or his wife about their possible criminal
involvement... even after Mrs. Madoff withdrew and tried
to hide over $15 million in cash, 2 weeks before her
husbands arrest.
Or, that the SEC refused to answer questions from Congress
about the case and cited “National Security” issues?
Is it just me, or does the entire Madoff case stink to high heaven?
If Enron’s Jeff Skilling, World Com’s Bernie Ebbers, and
Tyco’s Dennis Kozlowski are all sitting in jail cells...
why in the hell isn’t Bernie Madoff?
A plea bargain?
We don’t need no stinkin’ plea bargain.
Throw his wife in jail with some crack whores from the Bronx,
let his sons become bunk buddies with some of the brothas
for a couple of weeks, and throw his ass into a dank 4x6 cell
with nothing but a blanket, and then see how much talking he
wants to do.
That’s what would happen to you, me, or our wife & kids.
What the hell is wrong with this picture people!?!?!
We send goddamned Martha Stewart to prison... and this
thieving, hook nosed bastard is dictating terms to us,
negotiating about keeping $60 million for his wife and kids,
all while luxuriating in his New York penthouse?!?!?
And now they’re trying to tell us that the Madoff scandal is
sooooo complex, that we need to create a new international
financial court, under the control of the U.N., the IMF and
the World Bank!?!?
Have you seen the news?
http://www.hedgefund.net/publicnews/default.aspx?story=9838
“... a new international court to be organized with the
cooperation of international organizations like the United
Nations Commission on International Trade Law (Uncitral), the
International Monetary Fund and the World Bank. It is taking
its proposal to the Group of Twenty (G-20) Finance Ministers
and Central Bank Governors that will meet in London April 2.”
http://siliconinvestor.advfn.com/readmsg.aspx?msgid=25480480
work for the government, of course. ;) LOL!
I hear the government is asking for a $170.8 billion dollar forfeiture. Haha. Might as well move the decimal place one spot to the right and pretend that it can balance the budget.
He should run for congress. He’s small fries compared to them.
Secretary of the Treasury?
His new job: Federal Prison Industries.
Hey, doesn’t this qualify him for Obama.s cabinet?
TOld a friend he won’t live a year today...My guess is he has a terminal illness, needs medical care and that is why he is staying in his apartment......He’ll take the fall, die and his wife and kids can keep the money he’s place in off shore accounts.
If that’s the case, why plead guilty. Ken Lay’s conviction was wiped clean because he died before the appeal was decided. There is no appeal with a guilty plea.
I suspect there was a side deal that the prosecutors would not after the money that has already been funneled to family members.
See if he has that silly smirk on his face after day two.
When he goes to jail for life, what will you say?
10 years. He lives five.
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