Update: Madoff gets 150 years….Madoff Sentencing: 12 years or 150….

Update: Judge Chin says symbolism important in the sentence, that Madoff’s actions were evil, he gives Madoff 150 years…good,  white collar crime should not be a vacation in club fed…

One hour to the sentencing. ..

CNBC on background:

…A U.S. judge is expected to sentence Madoff, 71, to an effective life term in prison during an emotional court hearing starting at 10 a.m. EDT in which some of his defrauded investors will describe the shock of losing their life savings. The swindler, who pleaded guilty to a slew of crimes in the same Manhattan federal court in March, will “speak to the shame he has felt and to the pain he has caused,” said his lawyer, Ira Lee Sorkin, who has suggested a 12-year prison sentence.

“Given the enormous amount of funds he has stolen and the number of victims, the sentence is going to be very, very high,” said Paul Radvany, a law professor at Fordham University in New York and a former federal prosecutor. The 100 or so letters sent to the judge from customers and what 10 will say at the hearing could have “a great impact” at the sentencing, Radvany said.

(more…)

June 29, 2009. Tags: , , , . Economy, Finance, Music, Popular Culture, Reggae, Uncategorized, Wall St. Comments off.

Madoff Bail NOT REVOKED!! Off the wires…oh SNAP! I call BS!!

(The Economist) click photo for the jump

(graphic credit - The Economist) click photo for the jump

UPDATE 2: Newdsday gets it up:

Bernard Madoff won’t be going from the penthouse to the jailhouse before trial.

A judge Friday decided not to revoke the accused Wall Street swindler’s $10-million bail.

Magistrate-Judge Ronald Ellis’ ruling comes after prosecutors argued Madoff was a flight risk who was trying to protect his assets from investors burned by his alleged $50 billion-dollar fraud.

Law enforcement officials said hundreds and potentially thousands of victims were fleeced by Madoff, many losing their life savings. 

Madoff has been confined to his $7-million Manhattan apartment under armed guard since his arrest last month. He faces as much as 20 years in prison and millions in fines if convicted.

UPDATE: A GREAT point raised on CNBC, the money going to pay for all the guards making sure he doesnt flee, is being paid out of MADOFF funds, yeah the VICTIMS are paying to help keep him free..

UNREAL

And people wonder why some of us feel there is a CLASS ISSUE in this country?! Pulleeze…

CNBC covering it live

Background from AU Herald Sun:

The FBI alleges Madoff has confessed to running a pyramid – or Ponzi – scheme worth $70 billion, which, if proved, would make him history’s biggest swindler.

And while it is a cliche to say Madoff’s victims “read like a Who’s Who” – in his case it is literally true.

Film directors Steven Spielberg and Pedro Almodovar, actors Kevin Bacon and wife Kyra Sedgwick, screenwriter Eric Roth as well as Hollywood mogul Jeffrey Katzenberg and Nobel Laureate Elie Wiesel are the best-known celebrities to emerge so far from the wreckage of Bernard L. Madoff Investment Securities.

Madoff has also inflicted damage to the rich across European and American high society.

The names of the victims keep trickling out – Spain’s richest woman, Alicia Koplowitz, was clipped for almost $20 million, Liliane Bettencourt, the 86-year-old heiress to the L’Oreal cosmetics empire, lost an undisclosed sum, while in Austria, Bank Medici founder Sonja Kohn was this week forced to deny she was in hiding from her far-from-thrilled Russian clients as the Government took control of her bank, which had lost over $4.2 billion.

In the US, Walter Noel, the financier-socialite with houses in New York, Palm Beach and the island of Mustique is under a big cloud for shovelling billions to Madoff through his hedge fund.

AP:

Prosecutors said that the gifts were grounds to have his bail revoked because what’s left of Madoff’s assets will eventually be returned to burned investors. Madoff’s lawyers called the sending of the gifts an innocent mistake.

Madoff has been confined to his penthouse around the clock — the only exception being court appearances — and under constant guard as part of his release.

January 12, 2009. Tags: , , , , , , , , . Finance, Music, Popular Culture, Reggae, Wall St. 2 comments.

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