So Madoff's going to court

Janell · 03-10-2009, 02:18 PM

I cannot believe this guy has been under house arrest for months. I keep hearing these stories of the victims from his scam they are losing their houses their entire lives ruined. I hope they let the victims be a part of the trial.

Cyndalie · 03-10-2009, 02:22 PM

Refresh me on this scumbag. I get them all confused.

Evil Chris · 03-10-2009, 03:48 PM

I'm not up on this story either...

Magnus3x · 03-12-2009, 11:13 AM

In a nutshell he will go down as the biggest scammer in history.

Madoff ran a investment firm in NYC, he had some of the most wealthiest clients from around the world mostly in the US, movie stars (kevin bacon lost more than 1/2 his savings), business tycoons and charitable organizations. He never did any trading, in business for over 10 years his statements always showed positive returns which is impossible if you actually do trades.

He basically took investors money and stole it.. lived a big a lavish life as anyone could, several mansions, Manhattan penthouse, mansion in Palm Beach, private jet.. all stolen money from his investors.
He ran this with his 2 sons who claim to have known nothing, and his wife claims the Manhattan Penthouse is hers with her own money and a reported 64 Million in savings is also her legitimately.

This scum bag was allowed to be free pending trial, during this time he was caught trying to filter money and assets like art and jewels to family members to hide from the FBI. Today he will plead guilty and probably face 150 years in prison, I hope they make him listen to a weeks worth of impact statements, as he has ruined many elderly peoples lives and lifesaving's are gone forever.

Evil Chris · 03-12-2009, 11:37 AM

Oh yes I did hear about this in part. Yeah, it's hard to believe how long he got away with this. He's going away for a long time.

Rochard · 03-12-2009, 01:21 PM

While what he did was wrong..... If I was him I would have moved to some third world country, shaved my head, changed my looks, and disappeared.

Janell · 03-12-2009, 01:25 PM

He plead guilty no plea and had his bail revoked. Sentencing should be in June. His wife is sitting on a cozy 70 million. I wonder how long it will take for civil suits to start. The number of victims seems to keep growing.