Fraudster Madoff gets 150 years

[melvbot]

Some of his victims were in court to hear the sentencing
Bernard Madoff has been given the maximum prison sentence of 150 years for masterminding a massive fraud that robbed investors of $65bn (£40bn).
The sentencing was greeted with cheers and applause from the courtroom, while US District Judge Denny described the crime as "staggering".
Madoff's lawyer had sought a more lenient sentence of 12 years.
The sentence came after the court had heard emotional statements from a number of Madoff's victims.
Judge Chin sentenced Madoff on 11 charges, including securities fraud and money laundering.
He said "the breach of trust was massive".
Madoff stood with his hands in front of him while being sentenced.

BBC NEWS | Business | Fraudster Madoff gets 150 years

[Airportwo]

Bet he's pissed, probably hoping to get away with 50 years!

[Fuzzy Bob]

The guy's a [at][at][at][at] hope they completely fuck him in gaol.

[melvbot]

maximum prison sentence of 150 years for masterminding a massive fraud that robbed investors of $65bn (£40bn).

Go big or go home, well to prison in his case. Deserves every minute in prison, roughly 2 minutes for every dollar he stole.

[BrucefarmerFANG]

I thank you . Bernie M . You have shown just how many Plonkers there are in the usa .

[Spin]

Bet he's pissed, probably hoping to get away with 50 years!

Why would a 75 year old man be hoping to get away with 50 years?

[larvidchr]

This evening I saw a gentleman interviewed on BBC, he was apparently supposed to be in the know and he was sure that M would not get more than 25 years, he said that anything more would be meaningless, well now it's confirmed it's a real good meaningless sentence 150 years, lets hope they find something to keep him alive as long as possible

[Jet Gorgon]

What's the sentence for rapists and murderers these days?

[Humbert]

I thank you . Bernie M . You have shown just how many Plonkers there are in the usa .

How many is that?

[BobR]

There's a similarity here to all the whining about pirating dvd's and mp3's: Don't mess with the Jews money. A ridiculous sentence for a non-violent crime that supplied so much amusement value.

[Panda]

150 years for running a ponzi scheme seems a bit excessive. Most corporate criminals retire rich and lead a life of luxury.
Hell, the whole US economy is based on one big ponzi scheme, -- they cant lock up everyone involved when it all falls over.

[Dean]

His wife gets to keep $2.5 million. If she can find a wise financial planner that can make her 12% a year, every year, that would get her around $300,000 a year.

[woodenshoe]

Hundreds, probably thousands of clients. Then there is the SCC and the IRS. With the number of clients and the big money involved i am sure it also needed a small army of accountants. Last but not least the company needed an annual financial report.

How does one (1) man do all that?

[Butterfly]

If she can find a wise financial planner that can make her 12% a year,

and the odds of this happening over the very long run is close to 0, unless she chooses to invest into an hedge fund

[larvidchr]

What's the sentence for rapists and murderers these days?

1,50 years

[watterinja]

150 years for running a ponzi scheme seems a bit excessive. Most corporate criminals retire rich and lead a life of luxury.
Hell, the whole US economy is based on one big ponzi scheme, -- they cant lock up everyone involved when it all falls over.

This man deserves no less than a death sentence. At least two people died as a direct result of this man's greed & deception. Wouldn't that send a strong message?

[Panda]

^ Fark.. If everyone who has ever been broke killed themselves there wouldn't be too many people in the world left.

[Norton]

Bernie in the slammer for 150 years. More to join him me thinks.

"In one of the highest-profile financial fraud cases in history, a judge firmly sided with Bernard Madoff's thousands of victims when he gave the disgraced financier a sentence long enough for him to die in prison.

But the probe does not end there.

A person familiar with the investigation said 10 more people would face federal charges by the time the probe is completed. So far, only Madoff and an accountant accused of failing to make basic auditing checks have been criminally charged.

The person, who spoke on condition of anonymity because the investigation is ongoing, wouldn't detail potential charges or say whether the 10 would include Madoff's family or former employees."

AP Source: 10 others to be charged in Madoff probe - Yahoo! News

[Butterfly]

one of the feeder fund was in it apparently,

[Norton]

Plus the wife claiming she had no idea what was going on is preposterous. Hope they take her 2.5M and throw her in the slammer as well. Must have been a load of people who knew the score. Especially those who got in early and cashed out early.

[JohnnyD]

If she can find a wise financial planner that can make her 12% a year,

and the odds of this happening over the very long run is close to 0, unless she chooses to invest into an hedge fund

or in a ponzi run by her husband...

[Rural Surin]

Rather moot, but the articles{s} didn't suggest where this scumbag will rot. Certainly, elite such as this don't do time in real everyday hardened prisons. Off to some minimum security country club prison, I suspect. Chances are, at his advanced age, won't really be punished.

[Norton]

The "victims" are making a strong push to make sure he is sent to a maximum security prison. Time will tell but sentiments are such doubt he will be put in a country club environment.

Not sure who or which agency decides where he goes in the case of a federal conviction. Anyone know?

[Rural Surin]

The "victims" are making a strong push to make sure he is sent to a maximum security prison. Time will tell but sentiments are such doubt he will be put in a country club environment.

Not sure who or which agency decides where he goes in the case of a federal conviction. Anyone know?

Unfortunate and sad that his criminal activity wasn't leaped upon some 20 years ago...not a true value for 'the people' when sending an old man up the river who has his years spent already.

[Norton]

^Damn well should have been. This is the price to pay when the foxes are guarding the hen house.