Thursday, March 12, 2009

Bernie Madoff Pleads Guilty

(thanks to New Yorker)

Bernie Madoff pleaded guilty to his $50 billion Ponzi scheme, the biggest fraud ever, and has been jailed awaiting sentence according to the New York Times.

And in case you missed it, Bernie expressed remorse. Wasn't that considerate? Maybe they will reduce his sentence from 150 to 120 years for copping the plea.

Added 13 March 2009 from the New York Law Journal:

List of Charges Against Madoff

Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.

Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.

Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.

Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.

Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.

Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.

Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.

Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.

Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.

Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.

Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.
Source: The Associated Press

TOTAL YEARS IN PRISON: 150

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4 comments:

John Flood said...

Interesting--Turns out a friend of mine was married by Madoff's judge, Denny Chin.

Legal Eagle said...

Now to watch the litigation as the investors-who-lost try to get it back from the investors-who-thought-they-were-getting-nice-returns...

John Flood said...

Legal Eagle, you're right. They are already getting lawyered up for the fight!

Dr. No said...

Count 12: Impersonating a philanthropist