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Breaking news:(3/10/09)Madoff to plead gulity of stealing billions

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Shortline Bus

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Here an important development in the Madoff trial. He agreed to plea bargin and go to jail probaly for rest of his life. The trial is over. Here story.

 

Swindler Bernard Madoff faces up to 150 years in jail for a $50 billion Ponzi scheme

BY Thomas Zambito and Corky Siemaszko

DAILY NEWS STAFF WRITERS

 

Tuesday, March 10th 2009,

 

 

 

 

Accused Ponzi schemer Bernard Madoff was charged with 11 counts in securities fraud case, faces up to 150 years in prison.

 

 

Mega-thief Bernard Madoff will likely die in prison for pulling off the biggest financial swindle in world history.

 

The courtly crook has agreed to plead guilty to 11 criminal charges on Thursday in Manhattan Federal Court, where he faces 150 years in jail for his $64.8 billion Ponzi scheme that crippled thousands of investors.

 

The feds also want him to cough up $170 billion - more than triple what he stole - and to strip him of $800 million in property, which includes homes in Manhattan, Montauk and France.

 

"There is no plea agreement here," Assistant U.S. Attorney Marc Litt told Manhattan Federal Court Judge Denny Chin.

 

Madoff, 70, who was wearing a bulletproof vest under his dark gray suit, white shirt and black tie, said nothing as the prosecutor laid out his bleak future.

 

Earlier, he spread his fingers nervously along the defense table as Chin ruled he could retain lawyer Ira Sorkin, even though the lawyer's sons claim Madoff stole $900,000 from a trust account set up by their grandfather.

 

From time to time, Madoff's seemingly bland mask was betrayed by a facial tic he's developed of late - an involuntary widening of the eyes.

 

While hundreds of Madoff's estimated 4,800 victims are expected to be in court when he pleads guilty, it's unlikely any will be allowed to vent their pentup rage until his formal sentencing.

 

"Victims will be given a chance to be heard before or after sentening," Chin said. "This is not the time for victims."

 

His main victims include a "who's who" of Jewish philanthropists and leaders in the U.S., including Alexander Schindler, the former head of American Reform Judaism.

 

Rep. Anthony Weiner (D-Brooklyn/Queens) said he is not convinced Madoff acted alone.

 

"There is no way this was a one-man gang," Weiner said. "I trust that any deal will include a full accounting of the money and a full explanation of who else was involved."

 

Sorkin said little about his infamous client. Even when asked if Madoff was a "good guy," the lawyer answered, "No comment."

 

Then he quickly added, "I have no comment about no comment."

 

Madoff has been confined to his $7 million penthouse since he was busted in December, when prosecutors first estimated he stole about $50 billion. The amount has increased as the investigation deepened. Some of the victims ranged from Mets Owners Fred and Jeff Wilpon to the average middle class family in Flordia.

 

He was brough to court early to avoid angry investors, and a two-man security team shielded him from onlookers by opening a big, black umbrella.

 

The was no sign of his wife, Ruth, who has not been implicated in her husband's dealings.

 

When the judge was done with Madoff, he was hustled out of the courthouse and refused to answer any questions.

 

The stretch limousines that once ferried Madoff around Manhattan were no where to be seen. Instead, the fallen financier was whisked away in a new car for a new age - a silver Kia SUV.

 

any reactions?:mad:

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Urbanfortitude

Urbanfortitude

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I have a couple of choice words for...ahem....Mr Madoff. Except those words would probably get me in trouble with the staff here. Yeah, I hope that dude rots in his prison cell...with a guy named Bubba to take advantage of him on daily occasion along the way...what sickens me is there are people similar to him in charge of our banks and even hanging out in our government offices. People with just no sort of ethics or morality whatsoever. At least this guy is paying for it. :)

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Shortline Bus

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I have a couple of choice words for...ahem....Mr Madoff. Except those words would probably get me in trouble with the staff here. Yeah, I hope that dude rots in his prison cell...with a guy named Bubba to take advantage of him on daily occasion along the way...what sickens me is there are people similar to him in charge of our banks and even hanging out in our government offices. People with just no sort of ethics or morality whatsoever. At least this guy is paying for it. :)

 

Yet when he goes to jail, Mr. Madoff won't even be in 'general population.' I am 99.9% sure he go to a ''country club' prison where other white collar criminals and celebrities of felony crimes are sent to.:tdown::mad:

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INDman Train Operator

INDman

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Let him burn! I am actually shocked that no one has taken a shot at this guy any of the times he has left his apartment. Usually I would say that people should not kill for money, but after what this guy has done I think it should be open season on him.

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Shortline Bus

Shortline Bus

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Let him burn! I am actually shocked that no one has taken a shot at this guy any of the times he has left his apartment. Usually I would say that people should not kill for money, but after what this guy has done I think it should be open season on him.

 

Dumb question. Who more 'hated' in NY right now? Osama or Madoff? Littlr humor on serious topic.:)

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metsfan

metsfan

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I have a couple of choice words for...ahem....Mr Madoff. Except those words would probably get me in trouble with the staff here. Yeah, I hope that dude rots in his prison cell...with a guy named Bubba to take advantage of him on daily occasion along the way...what sickens me is there are people similar to him in charge of our banks and even hanging out in our government offices. People with just no sort of ethics or morality whatsoever. At least this guy is paying for it. :P

 

 

You can use those words, just *** or --- or ___ them out, and keep it reasonable. The rules are not meant to restrict free speech, just keep it clean, kid friendly and off netnanny etc. I don't think i'd wanna be on a forum with swearing all over!:tdown:

 

- A

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Shortline Bus

Shortline Bus

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I'd like to take this **** and put him in a county jail. He'll end up in a federal penthouse, i mean penitentiary. Have him pay for his own prison time also, with interest.

 

- A

 

or being non politically correct a 'country club' prison wherebys other white collar cons and mob bosses serve right Metsfan:tdown:? Compelete with cable tv and the works. That better than some college dorms lol.

 

Seriously there 'are 2' set of rules for Americans in legal trouble. one for the super rich and celebrities like Madoff and the second for the 90% of the rest of the population.:mad:

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Urbanfortitude

Urbanfortitude

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You can use those words, just *** or --- or ___ them out, and keep it reasonable. The rules are not meant to restrict free speech, just keep it clean, kid friendly and off netnanny etc. I don't think i'd wanna be on a forum with swearing all over!:tdown:

 

- A

 

That's good to know...but i think i said things in the best way I could. I definitely hope this guy becomes a butt buddy for some big smelly fat guy in jail >_<

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  • 3 months later...
Guest Charles

Guest Charles

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I just saw this on TV and it's breaking news, so I guess I'll put it here: Bernie Madoff has just been sentenced to 150 years, the maximum, in prison with no parole=Life in Prison.

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Shortline Bus

Shortline Bus

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I just saw this on TV and it's breaking news, so I guess I'll put it here: Bernie Madoff has just been sentenced to 150 years, the maximum, in prison with no parole=Life in Prison.

 

Yup. For a change a rich man gets the max. Sadly for his victims too little too late. :mad:

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SubwayGuy

SubwayGuy

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Take everything he owns and put him in a rat hole somewhere and see if he learns the value of money. Anyone born with a silver spoon in their mouth doesn't appreciate what money is and can buy and they waste it on the same stupid crap: "foreign travel" "expensive meals" "expensive houses" "expensive cars" and "expensive home furnishings"...god forbid one of them ever gets busted and you find out he tried to buy his wife some kind of experimental sex toy or something...

 

Plus you put him in a rat hole somewhere the taxpayers won't be paying for him to eat.

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