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Madoff admits $50bn fraud scheme

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posted on Mar, 12 2009 @ 06:58 PM
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Madoff admits $50bn fraud scheme


news.bbc.co.uk

Disgraced US financier Bernard Madoff has been jailed after pleading guilty to all 11 charges surrounding an estimated $50bn (£35bn) fraud.

Some of his victims clapped when he was handcuffed and led out of a New York courtroom. He had earlier said he was "deeply sorry and ashamed".

The 70-year-old defrauded thousands of investors in a fraud he admitted had been running since the early 1990s.

He could receive up to 150 years when he is sentenced in June.
(visit the link for the full news article)




posted on Mar, 12 2009 @ 06:58 PM
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Good, lock him up and throw away the key...

I wonder how many of those affected by his scheme committed suicide for their losses...

I wonder how many families are homeless, or have been broken up because of this one man...


Now lets bring the rest of them to justice....

Let's hope that there are no 'special requests or permissions' granted to this man on the inside.

Let's hope that anyone else who took part, as others seem to believe, are locked up too.


news.bbc.co.uk
(visit the link for the full news article)



posted on Mar, 12 2009 @ 07:46 PM
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Actually, the amount of money he's liable for is only about 15~20bn. The 50bn number comes from accumulated interest and the re-investment of non-existent returns. Not that it's supposed to make anyone feel any better, or absolve him in any way, but the numbers most people have been hearing are highly inflated by his own scheme.

My question is... those people who invested with Madoff had to pay income tax on earned income from those supposed investments which they never actually earned. What happens to their tax dollars? Will they be reimbursed or are they SOL?



posted on Mar, 12 2009 @ 07:51 PM
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May he rot in peace for the rest of his life in a small prison cell.

I'm sorry that the sentence here in Canada are not like yours, he man called Vincent Lacroix has made 250 million and I think he got 12 years of jail but will get out after 1\6 of is sentence. The autorities know he still got 35 M$ but can't have access ...

We live in a sad world



posted on Mar, 12 2009 @ 08:57 PM
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We can't really say he'll be locked up. I mean let's be serious for all we know they could put him on a private jet and send him to South America to live out the remainder of his life.

He has the Illuminati backing him. He is safe from jail.



posted on Mar, 12 2009 @ 10:17 PM
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Personally, I think Madoff should have been bums rushed right out of the court room and his head paraded on a stick down the street. But, that's just the pacifist side of me talking.




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