Bernard Madoff - $50 Billion Scam

[Krusty the Klown]

Has anybody heard if he is going to appeal the sentence?

 

[jono1887]

Has anybody heard if he is going to appeal the sentence?

why wouldn't.... no one wants to spend 150 years in prison :

 

[Macquack]

He owes investors $65bn and only $13bn i think is unaccounted for, so I'm assuming after all his assets have been consolidated, taken over then liquidated, his investors will still receive 80% of their investments back.

Sure he was a fraud and the money was laundered, but he didn't just go out and spend $65bn. Most of it is still there and recoverable.

30 June, 2009
Larry Neumeister And Tom Hays, Associated Press Writers
"In court Monday, the 71-year-old Madoff admitted it was impossible for him to excuse deeds that U.S. District Judge Denny Chin noted had cost investors $13.2 billion by conservative estimates and $50 billion by the estimate Madoff gave his sons in December."

I will go with Madoffs estimate, he should know.

If investors were going to get 80% back, Madoff would not be getting 150 years in the clink.

 

[Buckeroo]

I'm in awe - how this scam could go undetected since 1995?

Yep he's guilty, but so is the whole US financial system. I'd be extremely careful about putting money anywhere near the US and I'd say China is starting to think the same.

Cheers

 

[Sean K]

His wife didn't know anything about it.





No evidence to charge Bernard Madoff's wife
Amir Efrati | July 02, 2009

Article from: The Wall Street Journal

FEDERAL investigators have concluded there is no physical evidence that Ruth Madoff, the wife of convicted swindler Bernard Madoff, actively participated or concealed her husband's fraud, according two people familiar with the matter.

 

[Aussiejeff]

Has anybody heard if he is going to appeal the sentence?

Appeal?

Oh, YES!

The sentence was TOO LENIENT!!!

"Your Honour,

A sentence of no less than 1,500 years with hard labour might be more appropriate."


Rot, ya ba$tid....

 

[Temjin]

The judge described him as "extraordinary evil".

I doubt it.

If he was "extraordinary", then what about the US government and their social security program?

Legendary evil?

 

[jono1887]

Appeal?

Oh, YES!

The sentence was TOO LENIENT!!!

"Your Honour,

A sentence of no less than 1,500 years with hard labour might be more appropriate."


Rot, ya ba$tid....

He's no less of a 'ba$tid' than those who were running the feeder funds, profiting from commissions and have lost nothing.... This blatant fraud could only have happened if everyone surrounding him and investing into him were pure idiots...

 

[Sean K]

This all could be a matter of scale.


Stealing $1.00 off a streat kid in Cuzco could be the same as $100 to a banker in NY.

Steal $100 from a kid in Cuzco and they are don't eat for a month.


The money lost here seems to be at the top of the pile, which means the money they have stolen is down the tubes and they have to sell a Ferrari or two, to pay for the next plate of caviar, or three.

Time to take a step back and look at life in perspective before feeling sorry for anyone swindled here.

imo

 

[Krusty the Klown]

Appeal?

Oh, YES!

The sentence was TOO LENIENT!!!

"Your Honour,

A sentence of no less than 1,500 years with hard labour might be more appropriate."


Rot, ya ba$tid....

Good perspective!!!

 

[Krusty the Klown]

This all could be a matter of scale.


Stealing $1.00 off a streat kid in Cuzco could be the same as $100 to a banker in NY.

Steal $100 from a kid in Cuzco and they are don't eat for a month.


The money lost here seems to be at the top of the pile, which means the money they have stolen is down the tubes and they have to sell a Ferrari or two, to pay for the next plate of caviar, or three.

Time to take a step back and look at life in perspective before feeling sorry for anyone swindled here.

imo

Yes, it would be hard to imagine anybody who got swindled in this situation going hungry because of the money they lost.

The last statistic I heard was along the lines of at least 3 billion people on this planet exist on less than one $US per day!!!

 

[insider]

Appeal?

Oh, YES!

The sentence was TOO LENIENT!!!

"Your Honour,

A sentence of no less than 1,500 years with hard labour might be more appropriate."


Rot, ya ba$tid....

I agree... If were a judge I would just 4 kicks reduce his sentence from 150 years to 149 years... Providing they appealed

 

[awg]

I read in the papers ( so it must be true)

that what he did is just put the money in the bank, so he would have earned bank interest.

it was not invested in any other manner

he did run a MM brokerage as a separate business

However he was fictitiously generating 15% returns.

that raises the question of what amount is in the bank accounts now.

From what I have previously read, much was withdrawn by investors, as they needed cash for other problems, and that is what bought him undone.

So presumably those that got out early are ok, but now there would be not much left for the rest.

It does make me wonder what the bank was thinking, if they did have $50 B cash from Madoff, they must have smelt a rat?

 

[Krusty the Klown]

It does make me wonder what the bank was thinking, if they did have $50 B cash from Madoff, they must have smelt a rat?

No way, they would have loved him. $50B in capital for them to use as they saw fit.

Ask no questions and you don't get answers you don't want!!!!!

 

[jono1887]

No way, they would have loved him. $50B in capital for them to use as they saw fit.

Ask no questions and you don't get answers you don't want!!!!!

Imagine the interest earnt on $50bn

 

[Krusty the Klown]

Imagine the interest earnt on $50bn

Even 2% p.a. is $1Bn....

Nice piece of pocket change.....!!!!

 

[Krusty the Klown]

Bernie has decided not to appeal his 150 year sentence.

I find that quite surprising!

He should have enough cash to launch a 50 year appeal.

 

[jono1887]

Bernie has decided not to appeal his 150 year sentence.

I find that quite surprising!

He should have enough cash to launch a 50 year appeal.

hasnt all his assets been seized already?? I'm pretty sure he has nothing left... its all gonna get sold and get paid back to the people who invested in him.

 

[Krusty the Klown]

I reckon that somebody who was able to pull off a scam like that for so many years would have some big cash stash in the Caymans or the Bahamas or Swiss bank account.

Probably in a fake name or relative's name. I don't believe his wife will be living in poverty now either.

 

[jono1887]

I reckon that somebody who was able to pull off a scam like that for so many years would have some big cash stash in the Caymans or the Bahamas or Swiss bank account.

Probably in a fake name or relative's name. I don't believe his wife will be living in poverty now either.

I guess so... but wouldn't that incriminate his wife or relatives as it would mean they would've known something suss was going on?