Madoff Sentenced To 150 Years

Truthed · 06-29-2009, 09:12 AM

Quote:

Bernard Madoff was sentenced Monday to 150 years in prison after apologizing to victims for a multibillion-dollar fraud scheme that the judge called "extraordinarily evil." U.S. District Judge Denny Chin handed down the maximum allowable sentence in a New York courthouse packed with his victims and the press.
Defense attorneys had sought 12 years, while prosecutors wanted the maximum. The federal probation department had recommended 50 years.

kidflash2008 · 06-29-2009, 09:15 AM

If he is a roll model of a prisoner, he will get out in 120 years. I also hear the first year is tough, but the next 149 years should be easy for him.

One also has an idea that Mr Madoff has billions of dollars hidden for his family members.

Area-51 · 06-30-2009, 06:53 AM

Never heard of him, who is he? I read the article and it´s states, that he was some sort of money manager or something like that, correct?

Truthed · 06-30-2009, 09:17 AM

He ran a huge scam and scammed people out of billions

kidflash2008 · 06-30-2009, 11:27 AM

He had a Ponzi scheme that relieve many people out of their retirement savings of billions of dollars. He would allegedly invest the money given by his first investors, and pay them off with the money of the newer investors. Eventually, he ran out of investors to pay back the money. He of course kept billions of dollars himself and probably hid much of it so the government can never find it (liquid assets such as cash, gold, etc).

He is over 70 years old, so he will not get out of prison alive. It also goes to show people to research any investment claims. Or do the old fashioned money markets and CDs.

BURNING MAN · 06-30-2009, 07:23 PM

Suicide looks like a good option.

Area-51 · 07-01-2009, 03:46 AM

ok, now I know, thanks truthed and kidflash.

kidflash2008 · 07-01-2009, 09:29 AM

Even if he successfully appeals his sentence, he will still get around 15 to 20 years in prison. He should just make his cell into a comfortable home as he will be there for a long time. (He'll probably go to a
Club-Fed.)

06-30-2009, 09:17 AM	#4
Truthed Administrator Join Date: Jul 2008 Posts: 1,079	He ran a huge scam and scammed people out of billions __________________ "You Want To Believe" http://www.truthed.com truthed@truthed.com

06-30-2009, 07:23 PM	#6
BURNING MAN Investigator Join Date: Jun 2009 Location: New Holland Posts: 344	Suicide looks like a good option. __________________ === “Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God ?”=== -- Epicurus

07-01-2009, 09:29 AM	#8
kidflash2008 Senior Investigator Join Date: Sep 2008 Posts: 1,699	Even if he successfully appeals his sentence, he will still get around 15 to 20 years in prison. He should just make his cell into a comfortable home as he will be there for a long time. (He'll probably go to a Club-Fed.) Last edited by kidflash2008; 07-01-2009 at 09:30 AM. Reason: spelling

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06-29-2009, 09:15 AM	#2
kidflash2008 Senior Investigator Join Date: Sep 2008 Posts: 1,699	If he is a roll model of a prisoner, he will get out in 120 years. I also hear the first year is tough, but the next 149 years should be easy for him. One also has an idea that Mr Madoff has billions of dollars hidden for his family members.

06-30-2009, 06:53 AM	#3
Area-51 Investigator Join Date: Oct 2008 Location: Germany Posts: 459	Never heard of him, who is he? I read the article and it´s states, that he was some sort of money manager or something like that, correct?

06-30-2009, 11:27 AM	#5
kidflash2008 Senior Investigator Join Date: Sep 2008 Posts: 1,699	He had a Ponzi scheme that relieve many people out of their retirement savings of billions of dollars. He would allegedly invest the money given by his first investors, and pay them off with the money of the newer investors. Eventually, he ran out of investors to pay back the money. He of course kept billions of dollars himself and probably hid much of it so the government can never find it (liquid assets such as cash, gold, etc). He is over 70 years old, so he will not get out of prison alive. It also goes to show people to research any investment claims. Or do the old fashioned money markets and CDs.

07-01-2009, 03:46 AM	#7
Area-51 Investigator Join Date: Oct 2008 Location: Germany Posts: 459	ok, now I know, thanks truthed and kidflash.