New York State Assemblyman Jim Tedicsco sees an injustice. The upstate Republican saw wealthy scammer Bernie Madoff convicted and sent to federal prison for 150 years the rest of his life at taxpayer expense. How fair is that? Why can’t rich criminals pay their own way?
Newsweek has some tips for Madoff on hiring a prison consultant who can help him get the most out of his 150 year stay in FPMITA prison, or whatever resort he lands in. [Newsweek]
A federal judge has sentenced Bernard L. Madoff to 150 years in prison, after which time we assume he’ll drink the blood of the living, hang out a shingle, and start soliciting “investments.”
“Mr. Madoff is currently 71 years old and has an approximate life expectancy of 13 years,” wrote Sorkin, whose letter was released on Tuesday. “A prison term of 12 years – just short of an effective life sentence – will sufficiently address the goals of deterrence, protecting the public and promoting respect for the law.”
Wanna see the Maddoff clan’s AMEX statements? They’re online here. 2 grand Giorgio Armani in Paris, 8 grand at a hotel, 10 grand to charity, $441 at a bagel store, the garners of unlawful gains really know how to live it up. But you gotta give the guy some credit: he did pay his bills on time. [Scribd] (Thanks to Chris!)
PBS’s documentary show FRONTLINE took on Bernie Madoff this week, exposing the history of his operation and how the SEC let him slip through their fingers.
To help the judge decide Madoff’s sentencing, the NY AG’s office submitted 96 pages what they said were emails from his victims. I feel bad for this one guy on page 36…
Bernie Madoff has been denied bail. Madoff lost his bid on Friday to be released from jail until his June sentencing for Wall Street’s largest ever investment fraud. [Reuters]
No more $7 million penthouse. Today was Madoff’s first full day at the Metropolitan Correction Center, where he’ll be spending some quality time while awaiting sentencing. ABCNews has some insights about the facility and its amenities.
Well, it’s official. Bernie Madoff has plead guilty to 11 counts of fraud, money laundering, perjury and theft. The maximum amount of prison time for these crimes is 150 years.
Is your hedge fund in dire financial straits? Are you totally screwed and now realizing that someone has to take the fall? Has your ponzi scheme enveloped numerous celebrity-endorsed charities benefiting Laotian children with AIDS and been discovered by the SEC?
There’s been another suicide in connection with the Madoff fraud case. The investor was a former British soldier who invested his life savings in two hedge funds who in turn put the money in Madoff’s fund. [MSNBC]
A court filing in U.S. Bankruptcy Court in Manhattan made public a 162-page document listing his various clients, which include Hall of Fame Pitcher Sandy Koufax, actor Kevin Bacon, and the Wilpon family, owners of the New York Mets.
The website Scam Victims United warned its readers about last week’s arrested ponzi schemer, Nick Cosmo, nearly four months ago, based on a visit one of its forum members made to Cosmo’s office. Reuters points out that this site and others like it—Fraud Aid and Scam Warners, for example—are enjoying healthy traffic spikes right now, which is great news in the fight against fraud.
Alexandra Penney had been building up her retirement savings for over 30 years, and a decade ago she put her money in the trust of Bernard Madoff’s firm to grow it. You know how that story ends, but in her ongoing series “The Bag Lady Papers,” Penney writes about the emotional toll of seeing your life’s savings evaporate in what seems like seconds, and how she’s been coping since.
Bernard Madoff’s Ponzi scheme was one of the biggest, but he’s got a lot of company. Here’s a list of the “9 Most Brazen Ponzi Schemes in History,” from Charles Ponzi (yep, that’s why we call it that) to Social Security. [Neatorama]