-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
LKY sentenced to 150 years
- Thread starter johnny333
- Start date
http://news.bbc.co.uk/2/hi/business/8124838.stm
Fraudster Madoff gets 150 years
bernie madoff
Madoff apologised for his crimes after hearing from his victims
Bernard Madoff has been given the maximum prison sentence of 150 years for masterminding a massive fraud that robbed investors of $65bn (£40bn).
The sentencing was greeted with cheers and applause in the courtroom, while US District Judge Denny Chin described the crime as "staggering".
Madoff's lawyer had sought a more lenient sentence of 12 years.
The sentence came after the court had heard emotional statements from a number of Madoff's victims.
Judge Chin gave Madoff the maximum sentence on all 11 charges, which included securities fraud and money laundering.
"Here the message must be sent that Mr Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Judge Chin said.
He said "the breach of trust was massive" and pointed out that no friends, family or other supporters had submitted any letters on Mr Madoff's behalf.
'Legacy of shame'
Before the sentencing, Madoff apologised for the "legacy of shame" he had brought on his family and the industry.
I think it was certainly a justified sentence
Judith Welling, Madoff victim
Victims speak out in court
Suicide prompted by Madoff scandal
Madoff victims lose life savings
"I'm responsible for a great deal of suffering and pain, I understand that," said Madoff, who will spend the rest of his life in prison.
He turned directly to those in court who had been affected and said he was sorry. One person who lost money broke down in tears while giving evidence.
"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.
"May your jail cell be your coffin," Michael Schwartz told Madoff.
The BBC's North America Business Correspondent Michelle Fleury said the length of the sentence was unexpected.
Victims would be pleased, she said, but this wasn't the end for them as they are still trying to recover some of their money.
"I think it was certainly a justified sentence," said Judith Welling, who lost $2.5m along with her husband.
"He's trying to send a message to the world that this sort of behaviour will not be tolerated," she added.
Thousands defrauded
Bernard Madoff admitted defrauding thousands of investors in a Ponzi scheme which he said had been running since the early 1990s.
WHAT IS A PONZI SCHEME?
A fraudulent investment scheme paying investors from money paid in by other investors rather than real profits
Named after Charles Ponzi who notoriously used the technique in the United States in the 1920s
Differs from pyramid selling in that individuals all tend to invest with the same person
Madoff started his financial career aged 22 with $5,000 from money made from summer holiday jobs such as working as a garden sprinkler installer in New York.
He then set up Bernard L Madoff Investment Securities in 1960.
His firm became one of the largest market-makers - matching buyers and sellers of stocks - and Madoff served as chairman of the Nasdaq stock exchange.
Madoff's firm was investigated eight times by the US Securities and Exchange Commission over the past 16 years, because it made exceptional returns.
But it was the global recession which effectively prompted Madoff's demise as investors, hit by the downturn, tried to withdraw about $7bn from his funds and he could not find the money to cover it.
The list of Madoff's victims includes film director Steven Spielberg's charitable foundation, Wunderkinder.
UK banks were also among the victims with HSBC Holdings saying it had exposure of around $1bn. Other corporate victims were Royal Bank of Scotland and Man Group and Japan's Nomura Holdings.
But it is not just the elite and large firms who were victims of the fraud.
School teachers, farmers, mechanics and many others have also lost money.
Fraudster Madoff gets 150 years
bernie madoff
Madoff apologised for his crimes after hearing from his victims
Bernard Madoff has been given the maximum prison sentence of 150 years for masterminding a massive fraud that robbed investors of $65bn (£40bn).
The sentencing was greeted with cheers and applause in the courtroom, while US District Judge Denny Chin described the crime as "staggering".
Madoff's lawyer had sought a more lenient sentence of 12 years.
The sentence came after the court had heard emotional statements from a number of Madoff's victims.
Judge Chin gave Madoff the maximum sentence on all 11 charges, which included securities fraud and money laundering.
"Here the message must be sent that Mr Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Judge Chin said.
He said "the breach of trust was massive" and pointed out that no friends, family or other supporters had submitted any letters on Mr Madoff's behalf.
'Legacy of shame'
Before the sentencing, Madoff apologised for the "legacy of shame" he had brought on his family and the industry.
I think it was certainly a justified sentence
Judith Welling, Madoff victim
Victims speak out in court
Suicide prompted by Madoff scandal
Madoff victims lose life savings
"I'm responsible for a great deal of suffering and pain, I understand that," said Madoff, who will spend the rest of his life in prison.
He turned directly to those in court who had been affected and said he was sorry. One person who lost money broke down in tears while giving evidence.
"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.
"May your jail cell be your coffin," Michael Schwartz told Madoff.
The BBC's North America Business Correspondent Michelle Fleury said the length of the sentence was unexpected.
Victims would be pleased, she said, but this wasn't the end for them as they are still trying to recover some of their money.
"I think it was certainly a justified sentence," said Judith Welling, who lost $2.5m along with her husband.
"He's trying to send a message to the world that this sort of behaviour will not be tolerated," she added.
Thousands defrauded
Bernard Madoff admitted defrauding thousands of investors in a Ponzi scheme which he said had been running since the early 1990s.
WHAT IS A PONZI SCHEME?
A fraudulent investment scheme paying investors from money paid in by other investors rather than real profits
Named after Charles Ponzi who notoriously used the technique in the United States in the 1920s
Differs from pyramid selling in that individuals all tend to invest with the same person
Madoff started his financial career aged 22 with $5,000 from money made from summer holiday jobs such as working as a garden sprinkler installer in New York.
He then set up Bernard L Madoff Investment Securities in 1960.
His firm became one of the largest market-makers - matching buyers and sellers of stocks - and Madoff served as chairman of the Nasdaq stock exchange.
Madoff's firm was investigated eight times by the US Securities and Exchange Commission over the past 16 years, because it made exceptional returns.
But it was the global recession which effectively prompted Madoff's demise as investors, hit by the downturn, tried to withdraw about $7bn from his funds and he could not find the money to cover it.
The list of Madoff's victims includes film director Steven Spielberg's charitable foundation, Wunderkinder.
UK banks were also among the victims with HSBC Holdings saying it had exposure of around $1bn. Other corporate victims were Royal Bank of Scotland and Man Group and Japan's Nomura Holdings.
But it is not just the elite and large firms who were victims of the fraud.
School teachers, farmers, mechanics and many others have also lost money.
Should be 1500 years for LKY. No discount. No remission. Strictly.
I doubt he has another 10 years left in this world
Unfortunately it is unlikely that will he will answer for any crimes, bungling, losses, messes,....
His offspring will face that fate
Similar threads
