Bernie Madoff the King of Ponzi Schemes who bilked 65 billion dollars from investors who trusted him with millions of dollars of their money, finally got his retribution today June 29th, 2009. The judge in this case showed as much mercy as Bernie himself did after robbing people blind-he can contemplate his deeds for the next 150 years of his sentence.
The judge in his case Judge Denny Chin said quote: 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”. The judge was speaking of the many people who lost their life savings and the charity organizations that went bankrupt because of Bernie Madoff’s ponzi schemes.
Madoff’s wife who was part of the scheme is left with 2 million dollars which some investors say she does not deserve and she was seen taking the subway for the first time in her life last week. All the luxury items the Madoff’s owned are all repossessed and sold off to repay those who lost money. The judge went on to say he did not receive any letters or recommendations from those that Madoff may have helped in his lifetime. Mrs. Ruth Madoff has been vacated out of their 7 million dollar apartment
Madoff will spend the rest of his days in a solitary cell alone and separated from other prisoners in a maximum security prison in Manhatten. Madoff made an attempt at an apology which did little for the judge to show mercy and reduce his sentence to 12 years as Madoff’s lawyer requested. Maddoff made a six minute speech including the phrase: “I have left a legacy of shame”.
Many have speculated that Bernie could not have pulled of this scheme for so long without help from others and his two sons who were also in their father’s business have remained free. The FTC and SEC administration during the last 20 years of Bernie’s scheme must have known or should have known that there were illegal activities. The Attorney General’s office has not yet determined any investigation into the allegations that others were involved in Madoff’s schemes. The FTC failures in catching Madoff scheme goes unanswered as well as the failure of the SEC to enforce their own regulations and breaches of the law.
Madoff Busted for 150 Years in Prison for Ponzi Scheme -Photo courtesy of Daily News
The scathing remarks from the prosecutor Tom Fitzmaurice included the fact that Madoff stole ruthlessly from both the rich and poor and showed no mercy for his victims. Many that lost their money made their own statements about him rotting in hell. Many celebrities including: Larry King, Kevin Bacon, and Jeffrey Katzenberg lost large sums of money when they went in with Madoff on his investment scheme.
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