150 Years Bernie Madoff

[Yuriatin]

Will plead guilty to 11 criminal charges ...

Faces <span style="font-weight: bold">150 years in jail</span> ...

Judge decides on Thurs whether to accept plea or not ...

Judge decides Thurs whether he remains free on bail ...

[Yuriatin]

Re: 150 Years Bernie Madoff

I don't trust this judge tho - let's see if he follows thru.

___
<span style="font-weight: bold">

Bernard Madoff to Plead Guilty in Largest U.S. Ponzi Scheme</span>
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By David Glovin and Erik Larson

March 10 (Bloomberg) -- Bernard Madoff will plead guilty in two days to fraud charges in a Ponzi scheme that was the largest in U.S. history, his lawyer Ira Sorkin said in a court hearing today.

Madoff appeared in Manhattan federal court today and waived a possible conflict of interest by his attorney, Ira Sorkin. In the course of the hearing, Sorkin said that Madoff <span style="color: #FF0000">will plead guilty to fraud charges on March 12.</span>

The guilty plea has been expected since March 6, when Madoff’s lawyer said his client would agree to be prosecuted without a grand jury indictment. Madoff, who is free on $10 million bail, is<span style="color: #FF0000"> likely to spend the rest of his life in prison</span> after pleading guilty.

Madoff, 70, was arrested on Dec. 11 and charged with fraud for using billions of dollars from new investors to pay off old ones. The day before, he told relatives that his business was “one big lie,” prosecutors said in court papers.

Thousands of investors with Madoff’s New York-based firm, Bernard L. Madoff Investment Securities LLC, have reported about $43 billion in losses, according to Bloomberg’s tally of disclosures, news reports, and court filings. The Ponzi scheme may have cost investors $50 billion, Madoff said before his arrest, according to court papers.

Unraveled Scheme

Madoff’s years-long scheme unraveled in early December amid a rush of investor redemptions. On Dec. 9, he told his son Mark, 42, who ran Madoff’s proprietary trading business, and Andrew, 40, who was a director of that unit, that he wanted to pay bonuses two months earlier than usual, according to the FBI complaint and to the sons’ lawyer, Martin Flumenbaum. Neither is accused of wrongdoing.

<span style="color: #FF0000">The conflict of interest involved an investment that Sorkin’s now-deceased father had with Madoff. Also, in 1992 Sorkin represented a Florida investment firm, Avellino &amp; Bienes, that invested with Madoff.</span> <span style="font-style: italic"> (this judge is nuts - he shoulda made Bernie get another lawyer)
</span>
The investment by Sorkin’s father came to light last month with the filing of a list of Madoff clients in federal court. The elder Sorkin opened an individual retirement account that he left to the attorney’s mother in 2001, Sorkin said. When Sorkin’s mother died in 2007, the IRA was cashed out. Sorkin has declined to say who received the money from the account.

Madoff’s alleged Ponzi scheme, which would be the largest in history, went back at least to the 1970s, according to people familiar with the case.

Sorkin represented Fort Lauderdale, Florida-based Avellino &amp; Bienes in 1992 after it was sued by the U.S. Securities and Exchange Commission. The unregistered firm invested more than $441 million in client money with Madoff, according to court papers. The firm agreed to close the business and refund the money, the SEC said.

Michael Bienes told the Sun Sentinel of Fort Lauderdale, Florida on March 8 that he lost millions of dollars and was wiped out after investing with Madoff.

The criminal case is U.S. v. Madoff, 08-mj-2735, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporters on this story: David Glovin in New York federal court at [email protected];

[britisha]

Re: 150 Years Bernie Madoff

Mi a tel yuh...if mi nain haffie goh duh backra wuk a maawning, a wuddah bi wan a di fuss wan dung a di courthouse...mi wuddah luv fi watch di drama..

I hope they throw the book at him, spare him not, no mercy..bout him waan stay innah penthouse and mek him wife kip 70 million when seh shi nevah wuk a day innah har life...[allegedly] ....him looking at 150 years, aka life for a 70 year old...IF yuh duh di crime, then yuh muss be willing to serve the time...Bye bye Bernie...

[Derek]

Re: 150 Years Bernie Madoff

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">Faces <span style="font-weight: bold">150 years in jail</span> ... </div></div>

Do you think they might let him out after 140 for good behaviour?

[Yuriatin]

Re: 150 Years Bernie Madoff

Who knows.

I just hope his assigned prison job is the picker upper of the dropped soap.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Derek</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">Faces <span style="font-weight: bold">150 years in jail</span> ... </div></div>

Do you think they might let him out after 140 for good behaviour? </div></div>

[Yuriatin]

Re: 150 Years Bernie Madoff



Judge sends Bernie up the river - orders Maddof to go <span style="font-weight: bold">STRAIGHT</span> to jail.

[Yuriatin]

Re: 150 Years Bernie Madoff

First I'm hearing him actually speak ...
<span style="font-weight: bold"><span style="color: #990000"><span style="font-family: 'Verdana'">
<span style="font-style: italic">&quot;I am deeply sorry and ashamed,&quot; said Madoff, after the judge asked him if he understood the charges.

He also admitted that the brazen Ponzi scheme began in the early 1990's in response to a recession and that he concocted the scam in order to meet the lofty expectations of his exclusive clients.

&quot;I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed,&quot; Madoff told the judge.

&quot;As the years went by, I realized my risk, and this day would inevitably come,&quot; he added. &quot;I cannot adequately express how sorry I am for my crimes.&quot;

Before he spoke, Madoff asked the judge if he could have some water.

&quot;Mr. Madoff, you can be seated. Pour yourself some water,&quot; Chin told him.

The judge informed Madoff that the guilty plea could result in a maximum prison term of 150 years.

Madoff will be sentenced June 16. &quot;</span></span></span></span>

http://www.nypost.com/seven/03122009/news/regionalnews/madoff_in_court_to_plead_guilty_159229.htm

[MrsBlue]

Re: 150 Years Bernie Madoff

<span style="color: #3333FF">More than likely the type of prison he'll go to will be more like a hotel than the penitentiary. </span>

[britisha]

Re: 150 Years Bernie Madoff

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: MrsBlue</div><div class="ubbcode-body"> <span style="color: #3333FF">More than likely the type of prison he'll go to will be more like a hotel than the penitentiary. </span> </div></div>

Ain't that the truth?


Now his lawyers want to appeal so that he can go back to the penthouse while the appeal drags out at least...if they know what is good for Bernie, they leave him right there where he is safer. Too many victims would like to slice and dice him.