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Bail Revoked for Bernie Madoff Following Guilty Plea
Bail was revoked today for Bernie Madoff, the man behind the largest ponzi scheme in American history. Madoff appeared earlier before U.S. District Judge Denny Chin in Manhattan to plead guilty to directing the largest Ponzi scheme in history.
Bloomberg reported :
 |
Madoff is pleading guilty to 11 counts including securities fraud, wire fraud, and money laundering. Madoff doesn’t have a plea deal with prosecutors because he refused to admit to a conspiracy charge that would have required he implicate others, people familiar with the case said. As a result he must plead guilty to all charges. |
Source : http://www.bloomberg.com
Madoff confessed to Chin that in the early 1990s when the United States was in a recession, he felt “compelled’” to provide the kind of returns he promised his investors. He said when the Securities and Exchange Commission asked about it and he simply lied to the SEC.
Madoff’s guilty plea which was repeated 11 times today emphasizes the downfall of a highly acclaimed money manager who told the world his fortune came from a successful firm that specialized in making markets, trading securities and financially advising wealthy clients.
Official sentencing is set for June 16th. The 70yo Bernie Madoff will likely spend the rest of his life in some form of incarceration. It is believed that his sentence will be over 25 years which will mandate Madoff spend his time in maximum security facilities and not a minimum security “country club” setting. Fox News reported that Madoff may even have to be locked up 23 hours per day to prevent attacks from other inmates seeking to make a name for themselves on the prison block by taking out a high profile prisoner like Bernie Madoff.
by George
Good to see action is taken against people who screw so many with their fraud schemes. This probably won’t deter others, but still..
by Eric
He haves stole more money than Bill Gates got, really funny, now all the world haves no money!!
by Anden@ Personal Finance
It’s sad how people fall for this ponzi schemes because of greed. And so annoying how anyone can lie to and get away with SEC.
by Alice
It’s incredible how they found solutions to exploit weaknesses of some financial systems. And how they steel from the others.
by student loan Guide
Madoff is deserved to go to jail. But it remind us about the weakness in financial system. Improvement must be done to cover the security system