Bernard Madoff gets maximum 150 years in prison
Filed in Breaking News on Jun.29, 2009
All I can say is GOOD.
By TOM HAYS and LARRY NEUMEISTER, Associated Press
NEW YORK – Convicted Wall Street swindler Bernard Madoff was sentenced to 150 years in prison Monday for a fraud so extensive that the judge said he needed to send a message to potential imitators and to victims who demanded harsh punishment.
Scattered applause and whoops broke out in the crowded Manhattan courtroom after U.S. District Judge Denny Chin issued the maximum sentence to the 71-year-old defendant, who said he lives “in a tormented state now, knowing all the pain and suffering I’ve created.”
Chin rejected a request by Madoff’s lawyer for leniency and said he disagreed that victims of the Ponzi scheme were seeking mob vengeance.
June 30th, 2009 at 11:19 pm
All these years we thought he was making good decisions!
July 1st, 2009 at 7:05 am
Question about Bernie for anyone who konws the answer…. If the market had not gotten so crappy, would he have ever been caught? I am thinking the only reason he got caught is because his money ( using the word HIS loosely) disappeared when the market tanked. So if the market had stayed strong and he could have continued shuffling money all over the place, would anyone have ever known?
July 1st, 2009 at 1:03 pm
As I understand some of the circumstances, there were several investors that sent red flags to the SEC some time before the markets tanked. The SEC did an investigation, and cleared Madoff. What happened there?
After the investigation, there were even more investors that smelled a rat and bailed… They were the lucky one’s. I think eventually the heat would have gotten the feds off their butts to move in. I question why it took so long.
I’d have to say that there were some of the investors that may have been blinded by their own greed. Madoff kept it going by falsifying obscene profits and not many of them stepped in to question the fairy tale.