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View Full Version : Ponzi Scheme Finally Sinks Madoff



BAMAPHIN 22
03-12-2009, 06:54 PM
Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims.

Applause broke out in the packed courtroom of around 100 spectators after U.S. District Judge Denny Chin denied bail for Madoff, 70, noting that he had the means to flee and an incentive to do so because of his age. Madoff stood stoically, if a little pale, at the judge's ruling, reports CBS investigative producer Pat Milton.

Madoff could get up to 150 years in prison when he is sentenced in June.

The plea did not satisfy many investors who had hoped Madoff would be forced to name any family members or others who helped him swindle them out of billions of dollars. He pleaded guilty to all 11 charges against him - with no deal with prosecutors - meaning he is under no obligation to disclose names and tell authorities where the money went. He is not believed to be cooperating with prosecutors.

"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," Madoff, speaking softly but firmly, said in his first public comments about his crimes since the scandal broke in early December.

http://www.cbsnews.com/stories/2009/03/12/business/main4861064.shtml?tag=topStory;topStoryHeadline

Samphin
03-12-2009, 07:02 PM
The guy should be publicly stoned to death, and put it on PPV with the proceeds going to all the people he swindled. 50 BILLION dollars.

Unreal.

BAMAPHIN 22
03-18-2009, 02:59 PM
2nd Arrest In Madoff Case


CBS News has learned that a second person was arrested Wednesday in connection with the Madoff scandal. Madoff's chief accountant David Friehling has been charged with filing false audits with and aiding and abetting security fraud. Friehling surrendered to authorities and is scheduled to appear before a U.S. magistrate in federal court in Manhattan later today.

http://www.cbsnews.com/stories/2009/03/18/cbsnews_investigates/main4873870.shtml?tag=topStories;secondStory

PhinzN703
03-18-2009, 03:11 PM
Hope he enjoyed his 70 years b/c he's done now.