Madoff – It’s Over – Madoff Faces 150 Years in Jail
One hundred and fifty years in prison. That’s what Ponzi scheme mastermind Bernard Madoff got for swindling $65 billion worth of investments entrusted to him by men and women from all walks of life, charities, universities, hedge funds, banks and pension funds. During the trial, victims labeled the Wall Street pioneer as a “monster” and “low life”. But the judge who sentenced Madoff to life imprisonment has a better way to describe him: “extraordinarily evil.”
So now, the world is probably rejoicing over penalty sentenced to Madoff. Bad guys always lose in the end right? Who wouldn’t be happy, especially if you are one of the victims of Bernie “extraordinarily evil” Madoff. Because of him, “all our hard work, all our savings, all our plans were wiped out forever,” wrote one of his victims.
Though the trial ended, questions remain unanswered. As of May 14, 2009, it has been reported that approximately $1 billion in Madoff-related cash and securities has been recovered, which includes $301,407,190 of The Bank of New York Mellon’s funds in one Madoff company account, and $233,500,000 of JP Morgan Chase’s funds in three other accounts. But the recovery of funds from the Madoff investment scandal may take long, as Judge Denny Chin puts it. “I have a sense Mr. Madoff has not done all that he could do or told all that he knows”.
During the sentencing, Madoff did find the chance to apologize to his victims. For a moment during his remarks, he turned around to face them and said: “I’m sorry. I know that doesn’t help you.” He also added the following: “I will live with this pain, with this torment, for the rest of my life.”
Will Madoff really rot in jail? While his attorney, Ira Sorkin asked for 12 years in prison, his victims recommended the judge that he stays in jail forever. And it does seem that way because there’s no parole in the federal system. Mr. Madoff is eligible for 15% off from his original sentence for good behavior, which would still leave him facing at least 127 years.
And now Bernard Madoff has all the time in the world to think about what he did as his victims will continue to live on and find new ways to live. How many Madoffs are there in the world, we may never know. But there always will be new scammers down the road. It’s up to us, if we will fall as their prey.
Jennilyn writes for tradingmastermind.com’s blog page which is ForexTradingLifestly. It aims to create an ideal life through forex trading. For more updates on forex news and other resources visit:
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If you’ve been keeping up with my blog posts lately you’ll know I’ve come to adding a few news posts from around the web on this subject. I’ve got a couple more today that are new and updated, so let me know what you think of em…
Madoff’s yacht, boats up for auction
AP Interested buyers are getting the chance to bid on a vintage 17-metre yacht and two smaller boats once owned by imprisoned financier Bernard Madoff. … Read More…
Shapiro Profited $1 Billion From Madoff, Trustee Says
2 (Bloomberg) — Carl Shapiro, the Boston-based philanthropist who said he lost money in Bernard Madoff’s fraud, is being probed by the liquidator for … Read More…
Regulators seek best way to protect investors
By Brooke Masters and Stanley Pignal A year after Bernard Madoff’s Ponzi scheme took down several Europe-based investment funds, regulators in Luxembourg, … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.
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