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Madoff Sentenced to 150 Years for Fraud!

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posted on Jun, 29 2009 @ 12:58 PM
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Cool beans. he desrves to die in prison. Too bad it will do nothing to help those he cheated.




posted on Jun, 29 2009 @ 12:59 PM
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I think that 150 years is meant as prevention of future cases. Person who considers doing it would know that it is life time sentence. After all - all those white collar crimes that ruin much more lives then usual thieves get normally much easier punishment and this is wrong. This case at least shows the right direction.



posted on Jun, 29 2009 @ 01:01 PM
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I am anxious to see if Madoff suddenly has a heart attack or a stroke in the dead of night and abruptly "dies"....like Kenneth Lay and Roland Arnoll and other billionaire criminals who were facing lengthy prison sentences.


Funny how they always seem to do that



posted on Jun, 29 2009 @ 01:14 PM
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Originally posted by keeb333
Here's the problem I have with the whole Madoff scam:

When Bernie Madoff takes money from later investors to pay off earlier ones, it's called a "Ponzi Scheme" and is illegal.

When the US Government does it, it's called "Social Security".

I fail to see the distinction. Can someone please enlighten me, or should the people in charge of SS also be going to jail for the same reasons?


You're right, it's the same kind of Ponzi scheme. The only difference is, when Madoff ran out of money, he's not allowed to print any to pay people off, the government is.

Glad to see he got 150 years, the punishment fits the crime, if he ever serves it, that is.



posted on Jun, 29 2009 @ 01:18 PM
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Originally posted by Arbitrageur

Originally posted by keeb333
Here's the problem I have with the whole Madoff scam:

When Bernie Madoff takes money from later investors to pay off earlier ones, it's called a "Ponzi Scheme" and is illegal.

When the US Government does it, it's called "Social Security".

I fail to see the distinction. Can someone please enlighten me, or should the people in charge of SS also be going to jail for the same reasons?


You're right, it's the same kind of Ponzi scheme. The only difference is, when Madoff ran out of money, he's not allowed to print any to pay people off, the government is.

Glad to see he got 150 years, the punishment fits the crime, if he ever serves it, that is.


Right, I'm not saying the punishment is unjust (it isn't). I'm just pointing out that the government apparently has a double standard when it comes to this sort of thing! There are many, many government officials that should be jailed for just as long!



posted on Jun, 29 2009 @ 01:49 PM
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i really think they should stick him in a regular prison, not no clubfed, put him in genpop in one of the countries worst prisons and let the other prisoners take care of it



posted on Jun, 29 2009 @ 01:50 PM
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We bailed out the banks for "bad bets" .. I honestly believe the the investors should be "bailed out" as well. It was, after all, not a banks fault they got screwed, but the Federal Governments. The SEC of all people, who are supposed to watch over funds like Madoffs religiously, failed to discover the largest ponzi scheme in history. Most likely, the investigators were paid off with bribes. I think if we can bail out a bank, we can bail out some American citizens.. it wasn't only rich people who lost everything, the majority of his clients were hard working Americans.



posted on Jun, 29 2009 @ 02:04 PM
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I knew better than to expect justice.

In this case, Mr. Madoff may or may not actually serve real 'time'. We have yet to go through the appeal process where his psychiatrists and physicians will tell us he can't endure such a sentence thus making the natural extension of the determination to be "cruel and unusual". Or perhaps he will be determined to have special medical needs, or will suffer a mild heart-attack and the lawyers will plead... " hasn't he suffered enough?" - especially if they drag it out for years and years.

Assuming he goes to a 'real' jail, he won't last long at all.

By the way, where's the money?



posted on Jun, 29 2009 @ 02:07 PM
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he won't be out while on appeal. he admitted his guilt, he'll sit in jail during any appeals. Not that he's going to appeal. he's dying in prison and he knows it.

I think he deserves the time and the pros are saying he'll be at a medium security prison.


The length of Madoff's sentence, which is based on the sweeping magnitude of his crimes, gives him an incentive to escape and virtually ensures that he'll be sent to a prison instead of a minimum-security camp, according to prison consultants.

money.cnn.com...

these folks who are speaking out about being destitute and having to go back to work, etc, are not all so innocent. many of the people he bilked took out plenty of money to buy themselves homes, cars, lavish vacations etc. Yes, they are victims but, to what degree? How many people can earn 12-15% (or more) every year, regardless of the markets and not wonder if it is possible? How many of these victims heard rumblings of fraud, inflatated figures, phony transactions etc and figured "every time I ask for money I get it so it must be real?"

innocence has levels.



posted on Jun, 29 2009 @ 03:37 PM
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Originally posted by BlackOps719



I am anxious to see if Madoff suddenly has a heart attack or a stroke in the dead of night and abruptly "dies"....like Kenneth Lay and Roland Arnoll and other billionaire criminals who were facing lengthy prison sentences.


Funny how they always seem to do that


I think he will fall on his sword before he ends up in jail.

When you get sentenced to 150 years in jail, your life is already over anyways. Mark my words, he will fall on his sword before he does a day in jail, and it will surely be a "heart attack" or "stroke."



posted on Jun, 29 2009 @ 03:39 PM
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reply to post by Kaytagg
 


he's been in prison since March 12th, when he entered a guilty plea for 11 of the 12 counts against him.



posted on Jun, 29 2009 @ 03:44 PM
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I honestly believe this isn't the right thing to do. One man stole all that money?
He must have an accomplice somewhere in Wall st. I say use those techniques used on terrorists to find out who was behind all this. I mean come on...how do you defraud billions of dollars without anyone knowing?



posted on Jun, 29 2009 @ 03:49 PM
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reply to post by Equinox99
 


the feds are talking to his right hand man, Frank Dipiscali. They are investigating the feeder funds (cohmad et al) they are investigating some of the larger investors themselves and they are investigating some of the hedge funds that invested with Bernie. They are looking for anything that will prove the conspiracy claim and they will find it.

As I've said before, he didn't look up stock prices, make up trades, type them in, print them out and remove the perforated edges (dot matrix printers for cutting edge bernie) etc all by his lonesome.



posted on Jun, 29 2009 @ 03:52 PM
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It nice to see a draconian law once ina while lol. 150 years!!! Really, how does one serve that? Die in prison in cell, they leave yuor body tier to decompose, noting but boens left, cahned to the inamte sink/toilet, then 2nd term of cpativity starts? makes me wonder thats all

I do question though..the time phrame? he stole money..he didnt murder anyone, take someones life. Murderers get 10+ years. so steeling money gets yuo 2 life terms? Obviously, the system sees money more important than humans and life for that matter. I think the 12 year thing would have been good enough. By the time he got out, without parole, he'd be what? 83 years old? Whats he gunna do? Set up a wheelchair and old man cane walker pnzi scheme..at most? HE'd be too old to go back to making something this big....unless he wnated his famliy or someone close to hi to carry on the family tradition



posted on Jun, 29 2009 @ 03:57 PM
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reply to post by ziggy1706
 


truth is, sending him out after ten or 12 years, an old, broke man, would probably be a bigger punishment than letting him die in prison

edited my spelling

[edit on 29-6-2009 by Crakeur]



posted on Jun, 29 2009 @ 03:59 PM
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reply to post by Crakeur
 


Oh, I didn't know that until just now. (Goes to show you how much I care about this story).

I'm very surprised he hasn't killed himself. But I guess if he's made it this long in a Manhattan jail, after pleading guilty, he's probably okay with the idea of living in a small cell for the rest of his life.

On the other hand, while he was in Manhattan jail, he was awaiting sentencing. He had no way of knowing if he would be in jail for the next 10 years, or the next 150 years. Now that he KNOWS, he might change his mind. The type of prison he gets sent to might also have an impact.

We'll see what happens, I guess.

I still think the smart money is on him taking his own life before, or shortly after going to a real prison.



posted on Jun, 29 2009 @ 03:59 PM
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reply to post by Crakeur
 


He created an elite circle of funders of mainly jews, namely the super rich at Florida lawn and tennis club. Membership for this club is something like $300k and they want to see an in-kind contribution to charity as well, before you're allowed in the door.

Whilst he was out on bail, he had telephone & internet access, so he had chance to filter monies around the Globe, so his family will remain millionaires.

The rich just wanted to get richer, full stop.

[edit on 29-6-2009 by PrisonerOfSociety]



posted on Jun, 29 2009 @ 04:09 PM
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reply to post by Crakeur
 


One of the best threads and posts ever on Madoff, by of course, you!
Crakeurs; Madoff, Banking Bailouts and the Mob



posted on Jun, 29 2009 @ 04:15 PM
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reply to post by PrisonerOfSociety
 


thanks for the update, I really haven't been following this very closely.

www.abovetopsecret.com...
www.abovetopsecret.com...
www.abovetopsecret.com...

among the threads I've participated in.



posted on Jun, 29 2009 @ 04:16 PM
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reply to post by burntheships
 


thanks. needs to be updated with new info. perhaps I should at least update the Mr. Jaffe is now on the list of feeders being investigated. Seems the connection there was a rather good one. Props to the blogger who first picked up on that mob link with Jaffe.




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