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Bernie Madoff gets 150 years


southsider2k5

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QUOTE (southsider2k5 @ Jun 29, 2009 -> 01:17 PM)
20-30 years would have been a life sentence for a 70 year old Madoff. This was a message for not giving up any info on the scheme.

Really is kind of amazing that we haven't yet heard the full story from him of how it developed, whether it was a ponzi scheme from the start, why he did it, etc.

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QUOTE (Balta1701 @ Jun 29, 2009 -> 03:20 PM)
Really is kind of amazing that we haven't yet heard the full story from him of how it developed, whether it was a ponzi scheme from the start, why he did it, etc.

 

Which is exactly why the judge gave him the max. He was totally uncooperative.

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Really, this is impressive.

An investigator at the Securities and Exchange Commission warned superiors as far back as 2004 about irregularities at Bernard L. Madoff's financial management firm, but she was told to focus on an unrelated matter, according to agency documents and sources familiar with the investigation.

 

Genevievette Walker-Lightfoot, a lawyer in the SEC's Office of Compliance Inspections and Examinations, sent e-mails to a supervisor, saying information provided by Madoff during her review didn't add up and suggesting a set of questions to ask his firm, documents show. Several of these questions directly challenged Madoff activities that much later turned out to be elements of his massive fraud.

 

But with the agency under pressure to look for wrongdoing in the mutual fund industry, she wasn't able to continue pursuing Madoff, according to documents and two people familiar with the investigation, and her team soon concluded its work on the probe.

 

Walker-Lightfoot's supervisors on the case were Mark Donohue, then a branch chief in her department, and his boss, Eric Swanson, an assistant director of the department, said two people familiar with the investigation. Swanson later married Madoff's niece, and their relationship is now under review by the agency's inspector general, who is examining the SEC's handling of the Madoff case.

So, the SEC wasn't completely asleep on this case...but it just so happened that one of the people raising red flags had a manager who was married to Madoff's niece. Wow.

One month after Walker-Lightfoot raised her concerns, Donohue told her to focus on a separate probe into mutual funds, documents show. At the time, there was intense pressure to investigate this industry. The press and other regulators, such as then-New York Attorney General Eliot L. Spitzer, were challenging industry practices. About a dozen of her colleagues were already assigned to pursue the issue.

 

Walker-Lightfoot e-mailed Donohue, saying she was "not sure what you want [J]acqui [Wood] and I to do concerning Madoff, but I'm focusing on the mutual fund project, as requested." She asked, "Should we just focus on mutual funds and return to Madoff when we're done?"

 

The next morning, Donohue responded: "Concentrate on mutual funds for the time being."

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QUOTE (BigSqwert @ Jun 29, 2009 -> 04:11 PM)
Especially since he'll probably be staying at a country club type facility.

 

Not likely. They had a story on NPR this morning. Your location is based on "points," age, health, type of crime, etc. but also sentence length. His 150 year sentence wipes out all of those. It seems the best he can hope for is medium-security some time down the road. He might end up in solitary at a Super Max. for his own safety. This won't be an easy sentence for him.

 

edit: here's a link

http://www.npr.org/templates/story/story.p...oryId=106193972

Edited by StrangeSox
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QUOTE (Balta1701 @ Jun 29, 2009 -> 03:20 PM)
Really is kind of amazing that we haven't yet heard the full story from him of how it developed, whether it was a ponzi scheme from the start, why he did it, etc.

Yeah, that'll be a book deal.

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QUOTE (Balta1701 @ Jul 2, 2009 -> 01:51 PM)
Would his creditors have the right to any profits from any book deal? He owes like $170 billion.

 

He's going to need some outside helping getting the book deal together, and research. He's selling investments at $25,000 per unit. Already some of the investors have seen returns as high as 200%.

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I'd spent my last 5 years in prison to get to live the life he led for the last 40.

Those 40 years would be hell. At some point he had to realize that he was going to get caught, just waiting for that day he knew was coming was probably not fun. Imagine waking up every day wondering if that would be the day you would be caught red-handed for one of the worst crimes of the decade.

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QUOTE (DukeNukeEm @ Jul 3, 2009 -> 03:45 AM)
Those 40 years would be hell. At some point he had to realize that he was going to get caught, just waiting for that day he knew was coming was probably not fun. Imagine waking up every day wondering if that would be the day you would be caught red-handed for one of the worst crimes of the decade.

 

That would be your conscience talking. If you have no conscience, and you live that lifestyle, you will live in euphoria until the day you get caught.

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QUOTE (witesoxfan @ Jul 3, 2009 -> 05:35 AM)
That would be your conscience talking. If you have no conscience, and you live that lifestyle, you will live in euphoria until the day you get caught.

 

I agreed with both posts. At some point, he probably passed through the guilt and figured he was past getting caught. If not, he could have been gone in the wind with all that money. Then again, perhaps he had squandered most of it.

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