Madoff sent to jail for Wall Street swindle as furious victims applaud

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  • 0

    some14some

    A peaceful retirement for Madoff however mad the investors might be.

  • 0

    Weasel

    Probably be out on good behavior in five years.

  • 0

    Triumvere

    Errr... not if they give him 150 years, he won't.

  • 0

    rollonarte

    Madeoff was a big contributor to the Democrat Party and will be missed.

    "Democratic politicians apparently have no intention of returning to Madoff's victims the more than $260,000 he contributed almost entirely to Democratic Party campaigns since the Clinton administration."http://www.worldnetdaily.com/?pageId=91510

  • 0

    smithinjapan

    I'm a bit surprised the guy pleaded guilty, given that he was laughing about screwing everyone over. I still feel like the guy's got something up his sleeve... but hey.

  • 0

    ANOTSUSAGAMI

    rollonarte- stop it. This article has nothing to do with your sour grapes over the Democrats historic win. This is about Madoff, and the fact that people laid millions on the line and he simply spent the money outright. While I sympathize in general with the people and organizations swindled by the guy, I have little sympathy for those like that lawyer who gave him 3 million. I mean, with that kind of money, you'd think they'd do some investigative work.

  • 0

    rollonarte

    Personally, I would always check which political groups these bigtime financiers make donations to, especially now that the means to do so are online.

    When you detect certain patterns, you need to exercise caution.

    The other big Ponzi scam artist, equally deserving of jail time, is the Texan "Sir" Allen Stanford.

    BBC reports:

    Political contributions

    Away from the sports field, Sir Allen has used his money to get noticed among the political establishment in Washington.

    He has personally given nearly $1m to US politics from both sides, although mostly to Democrats, according to the Centre for Responsive Politics, a group that tracks campaign spending.

    http://news.bbc.co.uk/2/hi/americas/7898924.stm

  • 0

    GJDailleult

    Perhaps the political donations just mean that con artists are people who generally have their ear to the ground, know which way the wind is blowing, know how to pick a winning horse etc. Unlike some others...

  • 0

    Badsey

    I have no problem with the common pyramid or ponzi scheme as long as the SEC does not sanction said scheme. -Now give me a ton of money and I will give you that immediate 10% (dividend) you so desire. Greed is very tempting to some.

  • 0

    skipthesong

    I imagine he will be well taken care of in jail. He's got money in lots of secret places.

    In some ways, I respect him and in other ways, he can't. But I sure wish I could come up with an idea that makes me that much money.

    I think what many are forgetting is that for a long time, Madoff made a lot of money for many people. Not until recently when thing weren't working out did said investors gripe. There were many I am sure, that knew exactly what was going on (including a few dems and repubs) and did nothing until now!

  • 0

    mousepotato464

    If you do not understand what you are investing in, PLEASE DON'T HAND OVER YOUR MONEY.

  • 0

    glaspar

    If you do not understand what you are investing in, PLEASE DON'T HAND OVER YOUR MONEY.

    well said. they want to stone him to death? go on, I'm sure his death will get them back the millions they've invested in him...and wall street will continue to spin it's dreams of riches and wealth and greed...

  • 0

    Deguchisan

    It serves the greedy victims right! They should join Madoff in jail for all I care.

  • 0

    biglittleman

    He looks like the Mad Hatter from Alice in Wonderland. He is a prime example of what Wall Street and the banks having doing.

  • 0

    unscrejects

    Does anybody remember Robert Maxwell? Sound familiar here? And remember what he was doing with the stolen money? There's a country involved in this scam I believe.

  • 0

    biglittleman

    SmithinJapan,

    He pleaded guilty to keep his family from being convicted for conspiracy. His whole family worked at the company. I am pretty sure they knew something was wrong. His wife was the accountant and his sons with a brother I believed headed up another part of the company. They may have been ignorant to the situation. After he swindled the money, he started up the other profitable ventures to make everything appear to be legit.

    Lies hidden within truths!

  • 0

    adaydream

    His pleading guilty doesn't stop any investigation or charges against his family. No immunity ask for and none given. < :-)

  • 0

    biglittleman

    Yes, but he has admitted to everything (11 counts). Thus, satisfying the DA which reduces the chances of pursuing any conspiracy charges. The conspiracy charges would have included the family and totally ruined the company as a whole including the London branch. His sacrifice will allow the others to possibly continue to operate.

    Asking for immunity isn't necessary.

  • 0

    GJDailleult

    Madoff made a lot of money for many people. Not until recently when thing weren't working out did said investors gripe

    Uh, Madoff didn't make any money for anybody. He didn't invest, he just moved money around. And nobody griped until he walked into a police station and said that his business was a fraud, which is not exactly the same as "things weren't working out".

  • 0

    biglittleman

    In a pyramid scheme, the sooner you get in it the better chance you will make money. The money at the bottom is pushed to the top. Those at the beginning probably did make money which why more people got in. It is the poor suckers at the bottom who got shafted. To believe he was going to eventually be free of it is crap. The mere theory behind it shows it is impossible.

  • 0

    bebert

    Part of the scam was that he convinced many of his clients to reinvest most of their returns, so even some of the smaller investors who got in early may have still lost it all. What should be interesting is if the government tries to "claw back" the profits of those really did make money in this illegal scheme. If not, the civil lawsuits should prove to be a real circus.

    I also read that Madoff tried to get large Chinese investors involved toward the end, but they wouldn't get involved with him. Good for the Chinese for not getting deceived by this svengali.

  • 0

    dennis0bauer

    “Show mw the money, Lebowski....Bernie!”

  • 0

    skipthesong

    If you do not understand what you are investing in, PLEASE DON'T HAND OVER YOUR MONEY." very well said and also don't forget "don't put all your eggs in one basket". This goes for anything, including a house.

    "Uh, Madoff didn't make any money for anybody. He didn't invest, he just moved money around." No, you are very wrong. People who got involved with Madoff early in the game did indeed make money. He according to people here who have had contact with him said that he intention was not to run the scam for that long of a time, just in order to get things going and it was made as time went on. I trust these guys' words more than some news sources.

    Also, we are now concerned about what involvement his wife had. She is trying to claim a big amount, like 50million or so. I heard through the news that it was his sons who learned of the scam that turned him in. And having said that, I am confident that when it was first learned by a particular circuit judge, that had things worked out, he wouldn't have gone to jail. No, certain people lost money........ Do you know who?

    Maybe this: The Honorable Louis L. Stanton, Federal Judge in the United States District Court for the Southern District of New York, has appointed Lee S. Richards of the law firm Richards Kibbe & Orbe LLP receiver over the assets and accounts of Bernard L. Madoff Investment Securities LLC (“BMIS”) as per the attached order: http://www.madoff.com/letters/Signedorder.pdf.

    Remember, he got away with this for a looong time and was even able to get money from Arab princes.. No, there were winners from Madoff.

    You do realize that he is not the only big scammer running around and he is not the last.

  • 0

    sharky1

    Time to go back to the old fashioned home safe system.

  • 0

    adaydream

    biglittleman

    Asking for immunity isn't necessary.

    No it's not but with the loss of between $33Billion and $77Billion his friends and relatives aren't going scott free. Watch. < :-)

  • 0

    biglittleman

    adaydream,

    According to skipthesong, his sons turned him in. So they are off the hook. The uncle worked with the sons. The only person who might be a target is his wife. It is all up to the DA. Conspiracy would be hard to prove and since he has admitted to all the charges. No need to pursue. Now victims may go after her in civil court. That will be different than a criminal trial.

  • 0

    likeitis

    they want to stone him to death? go on, I'm sure his death will get them back the millions they've invested in him...

    Maybe if they sell tickets, put it on pay per view, and stones are sold for 10 bucks a piece?

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