Madoff's Alleged Fraud

[tpr2]

From: http://www.youtube.com/watch?v=h4kbC4SKoKQ

I had to laugh.

He seems a little irritated.

[Marc]

90-Year-Old Madoff Victim Back at Work


From: http://www.youtube.com/watch?v=UsuCfz47d4U

[Marc]

Madoff Arraignment Scheduled; Guilty Plea Likely

A guilty plea is likely to be forthcoming from accused swindler Bernard Madoff, CNBC has learned, and the U.S. Attorney's Office has posted on its Web site information about his alleged victims' rights.

Madoff, accused of perpetrating the biggest Ponzi scheme of all time, is scheduled for two court appearances next week. The first is in regard to a potential conflict of interest regarding his attorney, Ira Sorkin. The hearing will be on Tuesday. Madoff's arraignment is scheduled on Thursday at 10 a.m. New York time.

Read more...

Cheers

Marc

[Marc]

Madoff to plead guilty to fraud charges

NEW YORK: Bernard Madoff is expected to plead guilty in two days to fraud charges in the largest Ponzi scheme in U.S. history, his lawyer, Ira Sorkin, said in a court hearing Tuesday.

Madoff appeared in U.S. District Court in Manhattan and waived a possible conflict of interest by Sorkin. In the course of the hearing, Sorkin said that Madoff would plead guilty to fraud charges on Thursday.

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 likely to spend the rest of his life in prison 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 firm, Bernard L. Madoff Investment Securities, have reported about $43 billion in losses, according to a Bloomberg 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.

Read more...

Cheers

Marc

[donna]

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.

Good thing Madoff isn't wasting tax payers $$ and will just go 'off to jail'. I wonder if he will end up in some low security 'prison' which may be a nice plush apartment to live out his years. I doubt he will be mixing with hardened crims just in case he is popped off.

cheers,

Donna

[Marc]

Madoff to plead guilty, faces 150 year prison term

NEW YORK - In a courtroom surprise, it was revealed today that Bernard Madoff will plead guilty on Thursday to securities fraud, perjury and other crimes, knowing that he could face up to 150 years in prison for one of the largest frauds in history.

The revelation came as prosecutors unveiled an 11-count charging document against the 70-year-old former Nasdaq chairman, and as his lawyer, Ira Sorkin, told a judge that Madoff planned to plead guilty this week without a plea deal.

Madoff has been under house arrest in his $US7 million Manhattan penthouse since he was arrested in early December after authorities said he confessed to his family that he had carried out a $US50 billion fraud. In court documents filed Tuesday, prosecutors raised the size of the fraud to $US64.8 billion, an amount recounted in apparently false statements from November 2008.

Authorities reviewing the finances of Madoff's business say the actual loss was more likely much less and that higher numbers reflect false profits he promised investors. So far, authorities have located about $1 billion for jilted investors.

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Cheers

Marc

[Marc]

Madoff Lawyer Absorbs Part of the Rage

Source: http://www.cnbc.com/id/29636496

“As one Jew to another, I deeply regret that the Sorkin family did not perish in the Nazi death camps.”

That is just one of the angry messages that have poured in to Ira Lee Sorkin since he became lawyer for Bernard L. Madoff, expected to plead guilty this week to a fraud that prosecutors call a giant Ponzi scheme.

Soon after he took on the case in December, Mr. Sorkin received one message so threatening that he said he had to refer it to the F.B.I.

Ike Sorkin, as he is known everywhere but on his business card, provokes strong feelings — among those who like him and those who do not. And he has done so for a long time.

On a shelf in his corner office at the Manhattan law firm of Dickstein Shapiro, he keeps a yellowed newspaper clipping about the first death threat against him, by an alcoholic stock swindler back in his days as a prosecutor in 1975.

“Oh, that was a great case,” said Mr. Sorkin, now 65. He recounted each slapstick twist in that 30-year-old case as if the jury had just brought in its verdict — a verdict for the prosecution, of course.

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Cheers

Marc

[Marc]

Madoff's Likely Guilty Plea Won't Satisfy His Victims

By: Reuters with CNBC.com | 11 Mar 2009 | 06:30 PM ET

Some former customers of financier Bernard Madoff despise him for his fraud, but they are also angry with their government and a financial system they say robbed them of their savings.

Just a few of the thousands of bilked investors have the right to speak in a New York court on Thursday when the 70-year-old former Nasdaq chairman is expected to plead guilty to 11 criminal charges that could put him in prison for the rest of his life.

Investors said in telephone interviews Madoff's potential 150-year sentence means little to them because they want more details of the scheme he confessed to in December and where the money went.

Madoff will not face a jury trial, which would provide more evidence of his financial crimes and co-conspirators going back 20 years, and catharsis for some.

"They want this to be over so badly, it's stunning," said New York retiree Miriam Siegman, who worked for nonprofit organizations and lost her retirement money. "In a jury trial the truth has a chance of coming out."

Madoff is expected to leave his New York City apartment around 7:30 am EST Thursday to head to the courthouse. The hearing is set to start at 10 am EST, though it is unclear how long it will last.

Read more...

Cheers

Marc

[Marc]

Madoff In Jail, Could Face Additional Charges

By: CNBC with wires | 12 Mar 2009 | 03:10 PM ET

Prosecutors will bring additional charges as warranted against Bernard Madoff or anyone else involved in the fraud that bilked investors of billions, the Acting U.S. Attorney for Manhattan said on Thursday.

"Today is one step in an ongoing investigation," Lev Dassin said in a statement after Madoff pleaded guilty in Manhattan federal court in the biggest Ponzi scheme in Wall Street history.

"While we do not agree with all the assertions made by Mr. Madoff today, his admissions certainly establish his guilt. We are continuing to investigate the fraud and will bring additional charges against anyone, including Mr. Madoff, as warranted," Dassin said.

Prosecutors have estimated that the scheme drew in as much as $65 billion over at least 20 years. Madoff is the only person who has been charged in the case.

Madoff pleaded guilty Thursday to 11 counts in an epic fraud that robbed investors worldwide of billions of dollars, avoiding eye contact with swindled investors before he was led out of court with his hands cuffed behind his back.

Madoff was taken to the Metropolitan Correctional Center, near the Federal courthouse. It is run by the Federal Bureau of Prisons. He is scheduled to be formally sentenced on June 16.

U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.

Applause broke out in the courtroom after the judge's announcement. Madoff's lawyer says he plans to appeal the decision by the judge to revoke the bail.

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Cheers

Marc

[donna]

I think there is a cover up going on - experts are saying there's no way just Madoff pulled this off by himself - yep he's the fall guy and rightly so but what about the others? Maybe it's just too big and damaging to bring them to justice. The truth will come out eventually.

cheers,

Donna

[Marc]

Madoff's new home: Cell the size of walk-in closet


"Made-off's" new Home!

NEW YORK — Bernard Madoff's new Manhattan home is the size of a walk-in closet, with cinderblock walls, linoleum floors and a bunk bed. Breakfast will be served before sunrise, and the disgraced financier can stretch his legs outside, but only every other day – in a cage.

The Metropolitan Correctional Center, which has housed accused terrorists and reputed mobsters, welcomed the 70-year-old Madoff on Thursday after he pleaded guilty in one of Wall Street's biggest investment swindles and a judge revoked his bail.

The federal jail in lower Manhattan stands between a courthouse and a church and holds inmates awaiting trial or serving short sentences. Currently, about 750 men and women are behind bars there.

Read more...

Read more about Madoff here...

Cheers

Marc

[outspoken]

He'll be off to a Minimum Security Country Club in no time.

[Marc]

The Next Targets in the Madoff Case

by Lucinda Franks: http://www.thedailybeast.com/blogs-a...off-case/full/

In a Daily Beast exclusive, Lucinda Franks says investigators are zeroing in on at least 20 people, including family members, among them Ruth Madoff, who received at least $70 million from her husband. Plus, how Madoff is "jerking around" investigators.

Two days before Bernard Madoff enters an 11-count guilty plea in Manhattan federal court, the investigation into his giant Ponzi scheme has broadened to include a number of suspected co-conspirators, according to federal officials involved in the case. Madoff’s lawyer told a judge today that there was no “deal” connected to Madoff’s confessing to money laundering, mail fraud, and other counts that will likely result in a life sentence.

Read more: http://www.thedailybeast.com/blogs-a...off-case/full/

Lucinda Franks is a Pulitzer Prize-winning journalist and author who was on the staff of the New York Times and has written for several publications including the New Yorker and the New York Times Book Review and Magazine. Her latest book is My Father's Secret War, about her father, who was a spy for the OSS during World War II.

[Green Fish]

I agree with Outspoken: Madoff will be looked after in relative comfort. He knows he will die in prison, but he is the star witness in all the various recovery actions.

And Spielberg already has a film in the pipeline, called "Bernie's List".

[Marc]

Madoff's Homes, Cars, Furniture Sought By Government

By: Reuters | 16 Mar 2009 | 11:18 AM ET

U.S. prosecutors want swindler Bernard Madoff and his wife Ruth to forfeit more than $100 million worth of homes, cars, boats, securities, silverware and a piano following his March 12 guilty plea, according to court papers.

Homes in Manhattan, Palm Beach, Florida, Cap d'Antibes, France and on New York's Long Island, valued at a total of $22 million, $17 million in a bank account and at least $45 million in COHMAD Securities Corp, a brokerage part-owned by Bernard Madoff, are on the government's list seen Monday.

The 70-year-old Madoff, a former Nasdaq stock market chairman, was jailed Thursday after a dramatic courtroom guilty plea in Manhattan federal court to running the biggest investment fraud in Wall Street history that drew in as much as $65 billion over 20 years.

His sentencing on 11 criminal charges is scheduled for June 16, when he could be imprisoned for the rest of his life.

The U.S. government's "notice of intent to seek forfeiture of certain assets" also cites a Cayman Islands company called Yacht Bull Corp, three boats valued at more than $10 million, four cars, $65,000 in silverware and a Steinway piano worth $39,000.

Read more...

Cheers

Marc