Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
- Warder of the Quatloosian Gibbet
- Posts: 1202
- Joined: Mon Oct 25, 2004 9:43 pm
Prosecutors are seeking a 150-year prison sentence. The defense has asked for a 12-year term because of Madoff's age.
How can a person pay for that much damage? Our last crooked Bernie got 25 years for a fraud costing investors $11B, so I can't see this one leaving prison alive.
- Grand Exalted Keeper of Esoterica
- Posts: 5773
- Joined: Wed Jan 29, 2003 4:11 pm
-- Bernard Madoff, the mastermind behind the largest and most sweeping Ponzi scheme ever, sentenced to 150 years in prison.
- Basileus Quatlooseus
- Posts: 769
- Joined: Mon Sep 01, 2008 1:19 am
- Location: The Land of Enchantment
I initially applauded the sentence. I agree, the man should die in jail. However, the maximum sentence could leave a door open for "cruel and unusual" on appeal. Perhaps, just perhaps, the judge should have sentenced him to 50 years. Enough to amply cover his life expectency, but not so much that an appeal could reasonably be brought.
Little boys who tell lies grow up to be weathermen.
Judge Roy Bean
- Judge for the District of Quatloosia
- Posts: 3566
- Joined: Tue May 17, 2005 7:04 pm
- Location: West of the Pecos
Am I the only one who views this as a win for Madoff?
Living a life of incredible wealth until very late in life with a certain set of family and associates also set for life without risk of financial deprivation?
On balance, what's the penalty of a decade or so in a prison after all those years of being a kingpin?
True, being extricated from the good life is a stressful change but with an ego like Madoff's he has to be relishing how good he had it at the expense of his victims.
And no one will ever untangle the Gordian knot of the flow of wealth over the years.
The Honorable Judge Roy Bean
The world is a car and you're a crash-test dummy.
The Devil Makes Three