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Thread: Bernie Madoff Pleads Guilty, Sent To Jail

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    Bernie Madoff Pleads Guilty, Sent To Jail

    By LARRY NEUMEISTER and TOM HAYS, Associated Press Writers Larry Neumeister And Tom Hays, Associated Press Writers ‚?? 24 mins ago

    Play Video AP ‚?? Raw video: Madoff arrives ahead of expected plea

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    AP ‚?? Former financier Bernard Madoff, right, arrives at Federal Court in Manhattan, Thursday, March 12, 2009, ‚?¶


    NEW YORK ‚?? Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims.
    U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.
    Madoff spoke softly but firmly to the judge as he pleaded guilty to 11 charges in his first public comments about his crimes since the scandal broke in early December.
    "I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he said.
    "As the years went by, I realized my risk and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."
    Prosecutors say the disgraced financier, who has spent three months under house arrest in his $7 million Manhattan penthouse, could face a maximum term of 150 years in prison at sentencing June 16.
    DeWitt Baker, an investor who attended the hearing and said he lost more than a million dollars with Madoff, called it "fantastic" that Madoff's bail was revoked but belittled the apology.
    "I don't think he has a sincere bone in his body," said DeWitt, who added that prison time would be too good for Madoff.
    "I'd stone him to death," he said.
    Madoff did not look at any of the three investors who spoke at the hearing, even when one turned in his direction and tried to address him.
    The fraud, which prosecutors say may have totaled nearly $65 billion, turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.
    Madoff described his crimes after he entered a guilty plea to all 11 counts he was charged with, including fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering.
    He told the judge that he believed the fraud would be short-term and that he could extricate himself. He implicated no one else, though investigators suspect involvement by relatives and top lieutenants who helped run his operation from its midtown Manhattan headquarters.
    The plea came three months after the FBI claimed Madoff admitted to his sons that his once-revered investment fund was all a big lie ‚?? a Ponzi scheme that was in the billions of dollars. Since his arrest in December, the scandal has turned the former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.
    The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.
    Helicopters circled above the courthouse before the hearing, and federal officers with machine gun-style weapons stood outside as Madoff arrived.
    Jilted investors signed in before entering the courtroom on the 24th floor. Richard and Cynthia Friedman turned up to get a glimpse of the man who defrauded them of their life savings of $3 million.

    Richard Friedman, an accountant, noticed how well his clients were doing with Madoff and began investing his own money in 1991. He learned it was gone months before he had planned to retire ‚?? a plan now on hold.
    "I wanted him to see some of the faces of the people he lied to and destroyed," said Cynthia Friedman, 59, of Jericho, N.Y.
    After arguments began on whether Madoff should remain free on bail, his lawyer Ira Sorkin described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security at his penthouse.
    Loud laughter then erupted among some of the more than 100 spectators crammed into the large courtroom on the 24th floor of the federal courthouse in lower Manhattan. The judge warned the spectators to remain silent.
    George Nierenberg, the first of the three investors to speak, approached the podium glaring at Madoff, then said in the financier's direction: "I don't know if you had a chance to turn around and look at the victims."
    At the hint of a confrontation, a marshal sitting behind Madoff stood up, and the judge directed Nierenberg to speak directly to the bench.
    The courtroom erupted in applause after the judge announced Madoff would go directly to jail. As he was led out of court, a spectator yelled, "Hey, Bernie," but was shushed by investors in court and backed off.
    The plea does not end the Madoff saga: Investigators are still undertaking the daunting task of unraveling how he pulled off the fraud for decades without being caught.
    Court papers say Madoff generated or had employees generate "tens of thousands of account statements and other documents through the U.S. Postal Service, operating a massive Ponzi scheme," prosecutors said.
    The money was never invested, but was used by Madoff, his business and others, prosecutors said.
    Authorities said he confessed to his family that he had carried out a $50 billion fraud. In court documents filed Tuesday, prosecutors raised the size of the fraud to $64.8 billion.
    Experts say the actual loss was more likely much less and that higher numbers reflect false profits he promised investors. So far, authorities have located about $1 billion for jilted investors. In addition to prison time, he said Madoff faces mandatory restitution to victims, forfeiture of ill-gotten gains and criminal fines.
    Wanna see my grandkids?

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    i bet they go after his wife next. she was his book keeper you know. he tried to protect her during the trial but there is no way in hell she didn't know about it...

    "To everything - turn, turn, turn...
    There is a season - turn, turn, turn...
    And a time for every purpose under heaven."

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    I hope they do go after her because there is no way he can protect her now.
    Wanna see my grandkids?

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    Theres another thread on this somewhere. These pyrimid rip off scemes always fall apart. They dont and cannot last. The sorry thing is that people bought into it, losing whole life savings in the process. The leaders almost never get caught up with. In this case for whatever consilation, they caught him. Unfourtinately the people that lost everything wont see a dime of their money again.

    They did a story in the local paper here about some 88 year old man who for screwed in this very case. A local elderly man who lost it all. Now he bags groceries at a safeway store for 12 bucks an hour. He will work until the day he keels over

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    I want to know who the people are who helped him pull this off ... for instance, where are the people who knowingly created all the false statements that were mailed to the investors?? He had have had a secretary or three!

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    See thats the kicker. He didnt have anybody working for him. It was just him and his wife. Knowingly ripping people and companies off. They never invested anything. They pocketed all the money for themselves. The saps who thought they were paying him to make investments with their money were really putting their cash into his personel bank roll.

    His clients will be extreamly lucky to get pennies on the dollar back , if anything from him and his con artist wife

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    Quote Originally Posted by Forever-27 View Post
    See thats the kicker. He didnt have anybody working for him. It was just him and his wife. Knowingly ripping people and companies off. They never invested anything. They pocketed all the money for themselves. The saps who thought they were paying him to make investments with their money were really putting their cash into his personel bank roll.

    His clients will be extreamly lucky to get pennies on the dollar back , if anything from him and his con artist wife

    Exactly...i was watching the Today show this morning and they had a couple who had lost all their money. The wife is like "nothing the judge does to the two of them will matter...i will never get my money or life back." oh, and she hopes his wife ROTS cuz she knew all about it.

    "To everything - turn, turn, turn...
    There is a season - turn, turn, turn...
    And a time for every purpose under heaven."

    - The Byrds

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    This fuk-bag should be publicly stoned to death...on live pay per view... and whatever proceeds are made should be split amongst those that lost their savings.

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    Part of the problem is that there are not heavy enough consequences for people’s actions. Madoff will basically spend the rest of his days in a white collar resort prison, “club Fed” if you will.

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    Good. I hope they take EVERYTHING from that wife of his.
    ♥♥♥

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    He just got sentenced to 150 years in federal prison for ripping people off

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    I am a sick puppy....woof woof!!!

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    Now the fucker will rot in jail for the rest of his life....best news I have heard in a long time.
    His wife should join him because she knew everything that was going on....
    "Go to Heaven for the climate - Hell for the company" - Mark Twain

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    Does anyone know if there is any money left? If so, will it go to compensate the victims?

    White-collar crime; the way to go.
    Quote Originally Posted by stacebabe View Post
    The only reason I watched the entire thing was because I was wondering who the middle aged lesbian white woman was in the house full of Armenians. Then I found out it was Bruce Jenner.

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    Nope....not on the .49 an hour he'll earn frying chicken in prison. He was smart enough to hide plenty of money and they can sell everything the wife has and it still won't pay back what they bilked from those people.
    Besides, she'll just shack up with a family member and live out the rest of her life in high style.


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    Quote Originally Posted by TallulahDahling View Post
    Nope....not on the .49 an hour he'll earn frying chicken in prison. He was smart enough to hide plenty of money and they can sell everything the wife has and it still won't pay back what they bilked from those people.
    Besides, she'll just shack up with a family member and live out the rest of her life in high style.

    Maybe karma will bite him in the ass and he'll drop dead of a heart attack, a'la the Enron dude.
    Quote Originally Posted by stacebabe View Post
    The only reason I watched the entire thing was because I was wondering who the middle aged lesbian white woman was in the house full of Armenians. Then I found out it was Bruce Jenner.

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    Hes what .... 71 years old, id give him 10 years or less to live. Hes have some 7 foot tall boyfriend named Tiny in no time

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    Quote Originally Posted by Forever-27 View Post
    Hes what .... 71 years old, id give him 10 years or less to live. Hes have some 7 foot tall boyfriend named Tiny in no time

    Somehow that seems fair, doesn't it?


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    Quote Originally Posted by pvezz View Post
    Maybe karma will bite him in the ass and he'll drop dead of a heart attack, a'la the Enron dude.
    Or maybe his new boyfriend in jail will bite him in the ass. Let the man suffer a little first before he'll drop dead, he deserves it

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    Quote Originally Posted by Northern Lights View Post
    Or maybe his new boyfriend in jail will bite him in the ass. Let the man suffer a little first before he'll drop dead, he deserves it
    *snort*; Amen, NL!
    Quote Originally Posted by stacebabe View Post
    The only reason I watched the entire thing was because I was wondering who the middle aged lesbian white woman was in the house full of Armenians. Then I found out it was Bruce Jenner.

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    Quote Originally Posted by Jrwzeigle View Post
    Now the fucker will rot in jail for the rest of his life....best news I have heard in a long time.
    His wife should join him because she knew everything that was going on....
    Exactly.....the old MF did not seem in the LEAST bit sorry for what he had done......Sorry does not even touch his air space. But he did look alittle on the shock factor side when the judge said what he did and handed down the sentence!

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    While I'm glad this guy will be punished 150 years and child molesters get six months?


    "I will be buried in a spring loaded casket filled with confetti, and a future archaeologist will have one awesome day at work."

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    The judge seized all the money he could and allowed his wife 2 million to live on. He should have allowed 2 dollars.
    Wanna see my grandkids?

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    Quote Originally Posted by Miho View Post
    While I'm glad this guy will be punished 150 years and child molesters get six months?
    I'm right with you on that one Miho.
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    I know people that have been personally effected by this monster; I hope he rots in hell.
    peek-a-boo!!

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    I clapped when I heard the news.
    First OJ then Phil Spector and now this scum.
    It's good to finally see the rich and famous being treated just as Joe Sixpack would for similar crimes.

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    I'm so glad to see this waste of space go to jail - however to allow the wife substantial money to live on is unfair. She should have to suffer like those people he stole from!
    All women are angels, and even when someone breaks one of our wings, we still fly. On a broomstick. We are flexible like that.

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    Quote Originally Posted by Karma View Post
    The judge seized all the money he could and allowed his wife 2 million to live on. He should have allowed 2 dollars.
    Amen!! I hope she loses it all to some Ponzi-scheming investor! No, wait, that's how she got it!

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    Quote Originally Posted by Miho View Post
    While I'm glad this guy will be punished 150 years and child molesters get six months?
    I think the reason is that Madoff fuck up more people life's at one time then what a child molester does...
    I think all child molesters should be shot on the spot...

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    Wink Reality will kill him.

    Quote Originally Posted by Forever-27 View Post
    Hes what .... 71 years old, id give him 10 years or less to live. Hes have some 7 foot tall boyfriend named Tiny in no time
    That won't do him in.

    The rough towels and cheap soap will give him a heart attack. The mintless pillow will finish him off.

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    Quote Originally Posted by Nelliebean View Post
    That won't do him in.

    The rough towels and cheap soap will give him a heart attack. The mintless pillow will finish him off.


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    Quote Originally Posted by Nelliebean View Post
    That won't do him in.

    The rough towels and cheap soap will give him a heart attack. The mintless pillow will finish him off.
    lmao!

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    Quote Originally Posted by Hobbes12 View Post
    I think the reason is that Madoff fuck up more people life's at one time then what a child molester does...
    I think all child molesters should be shot on the spot...

    And you forgot to add "rich" people. This isn't the first Ponzi scheme, just one of the first to screw rich people. IMHO it's the only reason he got the sentence that he did.


    "I will be buried in a spring loaded casket filled with confetti, and a future archaeologist will have one awesome day at work."

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    I am glad that he is going to jail. I hope they start investigating his wife and sons, and how it came to be that it was able to continue undetected/blind eye for so long. And then I hope they clean it up. But that won't happen.

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    Quote Originally Posted by Long Gone Day View Post
    I am glad that he is going to jail. I hope they start investigating his wife and sons, and how it came to be that it was able to continue undetected/blind eye for so long. And then I hope they clean it up. But that won't happen.

    I don't think she will go to jail, but she will lose everything that she owns. That seems pretty fitting


    "I will be buried in a spring loaded casket filled with confetti, and a future archaeologist will have one awesome day at work."

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    I heard on the radio that at the most they may see 25 cents on the
    dollar back to those who lost money. Also they can get tax money
    back if they reported some of this as earnings.

    However, some of his clients also gained money during this time and
    they got out. Some of them may have to pay money back? I know
    of some lawsuits in the works regarding that.

    And, they are saying 10 more will be charged as of today's news.

    We know MANY persons seriously affected by this including companies
    that lost their pension funds for completely innocent people.

    Blech.

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    Hahahahahahahahahahahahahahahaha

    Madoff, who has been jailed since March, already has taken a severe financial hit: Last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments and $80 million in assets his wife had claimed were hers. The order left her with $2.5 million that couldn't be tied to the fraud.


    "I will be buried in a spring loaded casket filled with confetti, and a future archaeologist will have one awesome day at work."

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    Frankly speaking these people were dammed lucky to even know who and how they were gypped. These ponzi scemes always collapse and implode. They cannot last so the financial balloon eventually bursts. By the time the walls come down on a ponzi sceme the heart of the operation has already left the country and the people are truly left with nothing and no recourse. It wouldnt surprize me if these people have money all over the world in secret bank accounts or whatever. Now that hes going to prison for a while im sure his wife will leave with her documented 2 million and quietly fade away. After the dust settles she will no doubt go dig up all the money thats hidden all over the world.

    I was surprized he got 150 years. The guys in his early 70s. Hes got maybe 10-15 years left tops. Hell of a time to get gyped out of your money. The stock market is all over the place, mass unemployment, inflation on the way, states like New York and California raising taxes by the day ..... what a time to be broke.

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    The real question is how Bernie handles eating food from a tray.

    Oh, the shame!....................

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    Quote Originally Posted by Forever-27 View Post
    Theres another thread on this somewhere. These pyrimid rip off scemes always fall apart.
    Ponzi scam fella, not pyramid selling.

    I don't have too much sympathy for the greedy fuckers who put all their savings with him and lost everything. Clever people diversify their investments. Why didn't they spread their money over a range of financial instruments to hedge? Greed.
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    Did anyone see this NY Post story, with a lovely pic of Ruth riding the subway with a sign behind her extolling the virtues of things that cost only 99 cents? Ahhhh...

    http://www.nypost.com/seven/06272009...ost_176389.htm


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    Quote Originally Posted by Luanne View Post
    Did anyone see this NY Post story, with a lovely pic of Ruth riding the subway with a sign behind her extolling the virtues of things that cost only 99 cents? Ahhhh...

    http://www.nypost.com/seven/06272009...ost_176389.htm


    That is bile-inspiring and vomit-inducing.
    Quote Originally Posted by stacebabe View Post
    The only reason I watched the entire thing was because I was wondering who the middle aged lesbian white woman was in the house full of Armenians. Then I found out it was Bruce Jenner.

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    True evil walks in every corner of the earth. They both should be publicly hung with free-for-view all channels. These scumbags ruined so many life's.
    Stay in Drugs. Eat your School. Don't do Vegetables.

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    2009 ain't over yet!!!

    Just found this article-Bernie Madoff has been moved to the medical unit of the prison. IIRC, he has cancer, so....
    http://www.wsoctv.com/news/22047139/detail.html

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    bump
    This is a fascinating article from NY Magazine about Bernie's life in jail.
    He considers his victims to be whining selfish idiots that deserved it and has contemptuously made fun of the SEC investigators who grilled him over the years.
    "I made the damned SEC rules when I chaired the SEC. One phone call and the guy would have had me. It was forensic accounting 101."
    He is totally unrepentent.
    He has groupies and is hanging with mob king pins and spies.
    What a louse still!
    http://nymag.com/news/crimelaw/66468/
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    Bernard Madoff son 'found hanged in New York'

    NEW YORK (AP) ‚?? One of Bernard Madoff's sons was found dead Saturday of an apparent suicide, according to a law enforcement official.
    Mark Madoff, 46, was found hanged in his apartment in Manhattan's SoHo section, according to the official. A family member notified police around 7:30 a.m.
    The official spoke to the AP on the condition of anonymity because he wasn't allowed to speak publicly about the case.
    Mark Madoff and his brother, Andrew, were under investigation but hadn't faced any criminal charges in the massive Ponzi scheme that led to their father's jailing.
    Bernard Madoff swindled a long list of investors out of billions of dollars and is serving a 150-year prison term in North Carolina.
    The scandal put a harsh light on members of the swindler's family. The financier's brother, Peter, played a prominent role in the family's company. Mark and Andrew Madoff both worked on a trading desk at the firm, on a side of the business that wasn't directly involved in the Ponzi scheme.
    A year ago, the court-appointed trustee trying to unravel Madoff's financial affairs sued several members of the family, including the brothers, accusing them of failing to detect the fraud while living lavish lifestyles financed with the family's ill-gotten fortune.
    The lawsuit accused Mark Madoff of using $66 million he received improperly to buy luxury homes in New York City, Nantucket and Connecticut.
    In February, Mark Madoff's wife petitioned a court to change her last name, saying her family had gotten threats and was humiliated by the scandal.
    A call to Mark Madoff's attorney and his father's attorney was not immediately returned Saturday. Calls to the FBI and U.S. Attorney's office were also not immediately returned.

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    Rot.

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    That's really sad. From what I understand Bernie's sons were the ones who turned him in. I guess it was too much to live under the shadow of his father's scandal. We really do pay for our parent's sins.

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    now the second daughter in law wants rid of the Madoff name

    http://www.nypost.com/p/news/local/m...NbrWZhJtikJdHJ

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