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Tag: Bernie Madoff

Bernie Madoff Victims Left Depressed, Bitter, Hopeless

Sympathy is one thing Bernie Madoff won’t see in the courtroom as he appears later this month for sentencing. The Poster Child for Greed, Madoff won’t likely see daylight in the outside world for a long long time. Many are urging the judge to give him the maximum 150 year sentence.

Bernie Madoff

Bernie Madoff

The Associated Press
More than 100 victims of failed financier Bernard Madoff’s multibillion-dollar fraud urged a judge Monday to sentence him harshly, saying he ruined their lives, leaving many of them depressed, bitter and hopeless.

“Please don’t let his brilliant criminal mind loose to do it again,” Steve Norton pleaded in a letter to the judge after describing how he lost $1.1 million in retirement money.

“He took the rest of our lives. Don’t give him his back.” Kathleen Bignell of Gunnison, Colo., said she told her 89-year-old father he cannot die because she no longer has money to bury him. She said Madoff “ought to be able to look forward to just exactly what he has done to us. No hope, no future and no forgiveness.”

In 113 statements, victims from across the country repeatedly referred to the 71-year-old Madoff as a “monster” who, as one victim put it, has “no soul, no remorse, no conscience.” Carl Kornblum wrote that he is 70 years old and his wife is 66, both forced by the Madoff fraud to sell their home and go back to work.

“Can you believe as teenagers and school chums and young marrieds we were once friends with Bernie and Ruth Madoff????” he wrote. “I really can’t believe Bernie could be such a sociopathic low-life!!! Thank you for all you can do to see that justice is served on this scoundrel.”

For Full Story

OTHER STORIES OF INTEREST

Poor Economy Exposing More Ponzi Schemes

It seems every week word of another P0nzi scheme seems to surface. Why? As the phrase went in the 1992 presidential campaign, “It’s the economy stupid”.

Ponzi Scheme Poster Child Bernie Madoff

Ponzi Scheme Poster Child Bernie Madoff

By Del Quentin Wilber
Washington Post Staff Writer
WASHINGTON — The great recession has decimated many industries; home builders, automakers and bankers are obvious casualties.

Now, add Ponzi schemers to the list.

Ravaged by the same fiscal turbulence pounding the nation’s legitimate businesses, Ponzi operations have been collapsing at a record clip, exposing prolific, rampant and colossal frauds that have bilked investors of billions of dollars.

For Full Story

It’s Off to Prison for Bernie Madoff After Pleading GUILTY!

Bernie Madoff/youtube

Bernie Madoff/youtube

Bernie Madoff, one of the saddest figures of our times, is finally headed to prison after living far too long in his New York penthouse. Now the question is whether his wife will get to keep anything and whether she knew what was going on. She may end up being sort of a Carmela Soprano figure as in HBO’s popular series the Sopranos, who knew what was going on and benefited, but didn’t have any involvement. Maybe.

By DIANA B. HENRIQUES and JACK HEALY
New York Times

NEW YORK —   The disgraced financier Bernard L. Madoff was immediately handcuffed and led off to jail on Thursday after a hearing in which he pleaded guilty to running a vast Ponzi scheme that bilked investors out of billions of dollars.

Rather than letting Mr. Madoff remain free on bail and return to his apartment on the Upper East Side of Manhattan, Judge Denny Chin of Federal District Court ordered Mr. Madoff remanded as he awaited sentencing.

“He has incentive to flee, he has the means to flee, and thus he presents the risk of flight,” Judge Chin said. “Bail is revoked.”

Some of the dozens of Mr. Madoff’s victims in the downtown Manhattan courtroom began to applaud the ruling but were cautioned by Judge Chin to remain silent. As Mr. Madoff’s hands were cuffed behind his back, some victims pointed and nodded with apparent satisfaction.

And as he was led out of the richly paneled courtroom into an antiseptic white-tiled hallway, at least two of his victims were in tears.

“They are tears of relief,” explained Norma Hill of Armonk, N.Y., who sat in the first row of the packed courtroom. “It was a very courageous stand that the judge took. It has restored my faith in the justice system.”

For Full Story

Read Criminal Information

Fed and State Prosecutors Preparing For Surge of Financial Fraud Cases

We knew mortgage fraud in this country had spun out of control and we certainly remember Enron. But Bernie Madoff was a signal that fraud in this nation was so pervasive that more needed to be done. The public is demanding it and it looks like the fed and state prosecutors are starting to respond.

By DAVID SEGAL
New York Times
NEW YORK — Spurred by rising public anger, federal and state investigators are preparing for a surge of prosecutions of financial fraud.

Across the country, attorneys general have already begun indicting dozens of loan processors, mortgage brokers and bank officers. Last week alone, there were guilty pleas in Minnesota, Delaware, North Carolina and Connecticut and sentences in Florida and Vermont – all stemming from home loan scams.

With the Obama administration focused on stabilizing the banks and restoring confidence in the stock market, it has said little about federal civil or criminal charges. But its proposed budget contains hints that it will add to this weight of litigation, including money for more F.B.I. agents to investigate mortgage fraud and white-collar crime, and a 13 percent raise for the Securities and Exchange Commission.

Officials at the Justice Department have not said much in public about their plans. But people who have met with Attorney General Eric H. Holder Jr. say he is weighing a range of strategies.

For Full Story

More Maddening Madoff News: His Wife Withdrew $15 Million Just Before His Arrest

Bernie Madoff

Bernie Madoff

In every passing week, the level of disgust in the Bernie Madoff case rises.

By Reuters
BOSTON/NEW YORK – The wife of Bernard Madoff withdrew more than $15 million from an account linked to the accused swindler in the days before his arrest, Massachusetts authorities said on Wednesday, adding a new layer of intrigue to the probe of the purported $50 billion scam.
Ruth Madoff pulled out $10 million on December 10, the day before her husband was arrested and charged with running a global investment fraud, and $5.5 million on November 25, according to Massachusetts Secretary of State William Galvin.
The disclosure came in reports produced by Cohmad Securities Corp, a firm co-owned by Bernard Madoff that funneled millions of dollars from its clients to the financier. Galvin’s office filed a court complaint trying to suspend Cohmad’s license as a broker in Massachusetts.
For Full Story

Other Stories of Interest

Bernie Ripoff Reaches Deal With SEC in Civil Proceeding

Bernie Madoff

Bernie Madoff/cbs news

The civil case may be settled, but many are still waiting for the criminal case and for Bernie Madoff to head off to prison.
By CBS and Associated Press
The Securities and Exchange Commission on Monday announced an agreement with disgraced money manager Bernard Madoff that could eventually force him to pay a civil fine and return money raised from investors.
The partial judgment must be approved by the judge overseeing the Madoff case in federal court in Manhattan.
The civil proceeding is separate from the criminal case against the prominent Wall Street figure, who is accused of bilking $50 billion from investors in what may be the largest Ponzi scheme in history. Madoff was arrested in December after allegedly confessing to his sons that he had stolen from investors for years.
Federal prosecutors have asked a judge to revoke the bail of Madoff, who has been confined to his Manhattan penthouse under house arrest. Madoff, who has not been indicted, is widely expected to eventually enter into a criminal plea deal with prosecutors.

For Full Story

Kevin Bacon: Less Than Six Degrees of Separation Between Him and Bernie Madoff

Bernie Madhoff figured out how to bring home the bacon.

Kevin Bacon/flixster

By Peter Cohan
BloggingStocks

Actor Kevin Bacon famous for the six degrees of separation theory — that is, Kevin Bacon is connected by film role to every actor through at most six other actors. For instance, Bacon was a guest on NBC’s Will and Grace when Will said to Bacon, “You did a movie with Val Kilmer?” and Bacon replied, “No, but Val was in Top Gun with Tom Cruise, and Tom was in A Few Good Men with me. Huh, that was a short one.”
Why am I talking about this? Bernie Madoff, who claims he stole $50 billion from investors around the world in a Ponzi scheme, is a mere one degree of separation from Kevin Bacon and his wife Kyra Sedgwick. New York magazine reports that the two “lost everything except for their checking accounts and the land they own” thanks to Madoff.
How did Bacon get sucked into the Madoff network? I don’t know. It could have been through his Hollywood connections — after all Steven Speilberg and Jeffrey Katzenberg are among the other Madoff victims and it would surprise me if Bacon didn’t know them.
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