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The cops keep the crowd away from the courthouse while Bernard Madoff pleaded guilty. (Henny Ray Abrams/AP)
Earlier today, Bernard Madoff pleaded guilty to eleven criminal charges related to the Ponzi scheme that ensnared thousands of individuals, charities and banks and involves tens of billions in losses. U.S. District Judge Denny Chin revoked Madoff's bail and ordered that he be jailed until his sentencing, which is scheduled for June 16.
Madoff read a statement (you can read his plea allocution here) admitting to operating a huge Ponzi scheme, claiming his relatives and employees had no idea it was going on, and explaining how he duped so many.
The essence of my scheme was that I represented to clients and prospective clients who wished to open investment advisory and individual trading accounts with me that I would invest their money in shares of common stock, options and other securities of large well-known corporations, and upon request, would return to them their profits and principal. Those representations were false because for many years up and until I was arrested on December 11, 2008, I never invested those funds in the securities, as I had promised. Instead, those funds were deposited in a bank account at Chase Manhattan Bank. When clients wished to receive the profits they believed they had earned with me or to redeem their principal, I used the money in the Chase Manhattan bank account that belonged to them or other clients to pay the requested funds...While Madoff's admission of guilt closes one chapter, there are still many unanswered questions. For instance, the Wall Street Journal reports, "Mr. Madoff said he started the scheme in the 1990s during a recession, which was difficult for investing in stocks. That is at odds with prosecutors, who allege that the scheme began as early as the early 1980s. Investigators have found evidence of fraud even earlier than that."Among other means, I obtained their funds through interstate wire transfers they sent from financial institutions located outside New York State to the bank account of my investment advisory business, located here in Manhattan, New York and through mailings delivered by the United States Postal Service and private interstate carriers to my firm here in Manhattan.
While Madoff is being held at the Metropolitan Correctional Center downtown, the new guessing game is where he'll serve out his lengthy sentence. One option is the Otisville Correctional Facility in Mount Hope, NY. According to a defense attorney who spoke to Esquire, "Otisville is home to about 1,100 prisoners, many of whom are convicted of violent crimes like murder, rape, and assault... 'There are a million psycho federal inmates in custody who would love to say that they stabbed Bernie Madoff,' he says."
The U.S. Attorney's office may bring more charges against him—and other. Acting U.S. Attorney Lev Dassin said, "We are continuing to investigate the fraud and will bring additional charges against anyone, including Mr. Madoff, as warranted."
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you can believe that his family and friends had nothing in on it like you could believe bill clinton when he didn't have sexual relations with that woman, and in hilary clinton whenever she opens her mouth
hes gonna go to minimum security prison...plus he's gotta be protecting someone in this.
If you're doing 25+ years, you have to go to max security. And unless Bernie's been funneling all those billions to every judge in NY, waiting for the day he gets caught, there's no way he gets under 25.
Best part: Law & Order was filming nearby....
Maybe he should have sent a Hallmark Card instead? Not sure what the proper etiquette is for that one...
Dear ______,
I am sorry for stealing all your money and making you poor.
Best,
BM
Who cares. He only swindled people who serious disposable income. I really could care less about these people when every day folks have serious problems, like figuring out where their next paycheck is coming from.
that's mean-spirited.
@ #5, not gamblor.
Sure, like the pension funds and retired elderly, right?
So all those stories of people who invested all their life savings (whether $50k or $10 million) are false? Disposable income or not, losing all of it now means that one is now part of that group of people who are struggling to figure out where their next paycheck will come from.
I hope he gets sent to a federal pound me in the ass prison.
Pay no attention to robdesign13, he obviously doesn't know what the hell he's talking about, or he wouldn't have made such an uninformed, asinine statement.
I hope he gets buttfuked gaped. fresh meat is fresh meat even if it's 70 yrs old.
i imagine any park avenue butthole is like wagyu steak in prison.
Correct me if I'm wrong but wouldn't he go to a prison for "white collar" crimes? That's what happened to Martha Stewart.
you can't compare martha stewart to this guy. the crimes aren't nearly the same. bernie will likely be sent to a federal max or super max prison.
I know this guy needs to go to prison but jeez it seems ridiculous that he gets to live on the taxpayers while having millions at his disposal.
What I don't get is how did some people lose everything? Aren't you supposed to NEVER bet, I mean invest, everything? Always keep some aside? Diversify?
Hopefully they send him to La Tuna Prison north of El Paso. He can "work on his tan" while sunning himself on a rock like a lizard and be fed roadkill.
not only did he break federal laws, but also international. he'll be sent to a federal maximum security prison, for the rest of his life, no question.