Archive for the ‘Ponzi Scheme’ Category
Finally someone is held accountable for their actions. Today Bernard “Bernie” Madoff was sentenced to 150 years in prison by U.S. district judge Denny Chin which was the maximum sentence he faced. On March 12th Madoff plead guilty to fraud (mail, wire, & security) for his role in a giant Ponzi scheme that cost investors over 60 billion dollars. Madoff also plead guilty to filing false documents with the Securities and Exchange Commission and money laundering. Last week Madoff’s attorneys sent Judge Chin a letter asking for a sentence as short as 12 years stating Madoff cooperated fully with prosecuters. Madoff stole money from thousands of people and companies and though the money is gone they have to be happy at the outcome of the verdict. You reap what you sew Madoff, have fun living the rest of your life in prison and don’t drop the soap.