Posted on 06/28/2009 5:57:19 AM PDT by Liz
....... among thousands swindled by Madoff, several asked to speak at sentencing. Hundreds are expected to attend Monday...... Prosecutors seek a 150-year prison sentence. The defense asked for a 12-year term b/c of Madoff's age. The judge has ordered the 71-year-old Madoff to forfeit $171B. Madoff pleaded guilty to a massive Ponzi scheme........ the largest financial swindle in history. Newsday © 2009 AP. All rights reserved. Material may not be published, broadcast, rewritten or redistributed.
(Excerpt) Read more at breakingnews.nypost.com ...
REFERENCE It was recently uncovered that Madoff kept detailed notes about his activites and that some "investors" made deals, demanding specific returns on investments.....meaning they were in on the scam. Some investors also wrote Madoff personal checks......evidence of tax evasion and money laundering.
Madoff Investors Probed by U.S. Prosecutors
May 18, 2009 | Reuters
FR Posted 05/18/2009 by CutePuppy
EXCERPT U.S. prosecutors have broadened their criminal investigation of the Bernard Madoff case to at least eight investors and associates, The Wall Street Journal reported......named as under investigation by the U.S. Attorney's Office, are Jeffry Picower and Stanley Chais, two philanthropists who are the target of lawsuits brought by the trustee liquidating the Madoff firm. Carl Shapiro, a women's clothing entrepreneur and close friend of Madoff, is also under criminal investigation....... Investigators have gathered evidence of Picower and Chais telling Madoff how much in returns they wanted and that their accounts would reflect the amounts, the paper said. It said investigators were also reviewing evidence suggesting Shapiro knew his returns were fraudulent. (Excerpt) Read more at cnbc.com ...
This is driving me nuts - if he had $171B, would he not be the richest person on the planet?
Any investment has it's risk. The higher the return, the higher the risk unless you are in Congress or connected. I do not feel sorry for any of these people. They were lazy in their research in this investment.
The $171B is the amt that passed through his cheating hands. Theory is he was laundering for the Russian mob.
The amt also shows the court wants to squeeze as much as they can out of the Madoffs (they probably have $$ hidden)......to reimburse investors.
You said — This is driving me nuts - if he had $171B, would he not be the richest person on the planet?
—
Yeah..., they just have to find it all, first... LOL...
I thought the total he received was $10 billion, and the amount he said was in his customers’ accounts was $65 billion.
Ok, so it is like the guy who got sentenced to 5,000 years.
The judge is making a point.
I think the largest swindle came in with BHO and at the hand of our House/Senate....but I digress..
Madoff had help in all this. Lots of help from greedy, crooked people. They've just started to scratch the surface.....
ooooh, a treasure hunt!
;)
The scam came in stages. At first it was an "affinity" scam----investors attended the same places of worship. Theory is Madoff was laundering and tax-evading billions for the Russian mob------and that first investors figured they could make a few bucks in the process.
It was recently uncovered that Madoff kept detailed notes about his activites and that bigtime "investors" made deals, demanding specific returns on investments.....meaning they were in on the scam. Some investors also wrote Madoff personal checks......evidence of tax evasion and money laundering.
Later Bernie needed more and more money to pull off the scam so he let others in.....who had smaller amounts to invest. These are the people who did not do the research ..........
Keep in mind, Bernie's MO was to tell investors he was "doing them a favor" by taking their money.
Oh please-----who can believe anything this crook "said."
Strange the fed’s can track every penny Madoff took and yet they send checks to dead people?
Good point.
Are they DEM voters?
Well, of course it wasn’t true, that’s why he’s a crook. But if you take all the phony statements he sent out to customers and add them up, $65 billion was the total amount of money they thought they had - but of course, it didn’t exist.
They’ll never see all of that money back!
It’s amazing to me that this guy is still alive. Maybe it’s the best indication of what wimps the American people have become. So many people destroyed by this thug and no one has blown his head off? No wonder our government has such an easy time confiscating our wealth and trampling on our rights. Hell, everybody does.
Soooo....uh... where does that $170b go to now?
They do that for a specific reason. They're buying their votes.
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