March 10th, 2009, 06:27 PM #1
Madoff Faces 150 Yrs : What's Most Likely?
According to the Associated Press, Medoff will plead Guilty to 11 Criminal Counts and we are told without a Plea Deal. (One can wonder...)
But what will he actually get?
More House Arrest?
A prison farm?
Hey, where would he be safe anyway?
NEW YORK - Bernard Madoff will plead guilty Thursday to 11 criminal counts including money laundering, perjury and securities, mail and wire fraud and will do so without a plea deal, knowing it carries a potential prison term of 150 years, lawyers said Tuesday in court.
Lawyers outlined the plea arrangement for the 70-year-old former Nasdaq chairman that was set to unfold later this week after Madoff waived several potential conflicts of interest between Madoff and his lawyer, Ira Sorkin.
Asked by the judge if Madoff would plead guilty Thursday, Sorkin said: “I think that’s a fair expectation.”
If he really is going to plead Guilty to all that without a Plea, maybe he thinks he would look "contrite," making it easier for the Judge to impose easier/ lighter conditions for serving time.
PS. What would be an appropriate sentence and under what conditions anyhow?
Last edited by MegalosSkylaki; March 11th, 2009 at 11:19 AM. Reason: felt like it.
March 10th, 2009, 06:49 PM #2
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- May 2008
Poor guy is faced with a sentence and a country that is not in the mood for leniency.
20 years hard time in a federal prison would be fine with me.
March 10th, 2009, 06:50 PM #3
Probation. All that's left is what his wife owns.
March 10th, 2009, 11:38 PM #4
I'd like to see him in jail for the remainder of his life. I'd also like to see him lose every penny he has. I doubt either will happen.You can't fix stupidity.
March 11th, 2009, 12:05 AM #5
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Why is it if a man takes the life of only one other, then he's a murderer and we kill him, but if a man steals billions of dollars and causes suffering to thousands of people, he walks?
Perhaps a more "barbaric" system would enact justice.Good job, friend-of-friends!
March 11th, 2009, 12:39 AM #6
Who was in cahoots with Madoff? Anyone think he really acted alone? Who is he protecting, maybe his wife?
March 11th, 2009, 10:05 AM #7
Leavenworth for life and a day.The timing of death, like the ending of a story, gives a changed meaning to what preceded it. -Mary Catherine Bateson-
March 11th, 2009, 10:26 AM #8
Jail is too easy. He doesn't have to worry about money, or rent, or food, or clothes. I say let him back on the street with $0 to his name and see how he does.
And I gotta wonder why a swindler should get harsher punishment than a murderer.
March 11th, 2009, 10:40 AM #9
Seriously, Madoff is probably very ill with not much longer to live. But the purpose of the plea agreement is to not have all the evidence come out in trial. Madoff is protecting his associates in the scheme. And if you don't think that he hasn't stashed BILLIONS away somewhere after handling $65 Billion with no books, someone is smoking something!
March 11th, 2009, 10:43 AM #10
March 11th, 2009, 11:13 AM #11
Those who got in and out of the Ponzi scheme early probably did quite well. It was only the later entrants in such a scam that get burned the worse. So there probably were co-conspirators.
Anyhow, I am somewhat suspicious of the whole plea arrangement and the Judge announced that he would limit appearances at the hearing.
Asked by the judge if Madoff would plead guilty Thursday, his attorney Ira Sorkin said: “I think that’s a fair expectation.” U.S. District Judge Denny Chin asked Sorkin if Madoff would plead guilty to all 11 counts.
“Yes your honor,” Sorkin answered.
Madoff slumped back in his chair during the exchange.
At least 25 Madoff investors have asked to speak Thursday under provisions allowing victims of crime to appear at a plea hearing.
Chin said he would limit investors who want to speak to those who challenge whether the plea should be accepted or whether Madoff should be allowed to remain on bail.
“There is no plea bargain here. Those victims who objected to a plea bargain no longer have a reason to object,” Chin said. [Emphasis supplied]
Attorney Jerry Reisman, who represents more than a dozen Madoff investors, predicted the plea hearing would be “a zoo.”
“I will tell you my clients are outraged by his being able to escape with a guilty plea,” he said.
In court documents, prosecutors revealed some details of how the fraud was carried out since the 1980s, saying Madoff hired many people with little or no training or experience in the securities industry to serve as a “back office” for his investment advisory business.
Madoff generated or had employees generate “tens of thousands of account statements and other documents through the U.S. Postal Service, operating a massive Ponzi scheme,” prosecutors said.
The money wasn’t invested, but was used by Madoff, his business and others, prosecutors said.
Authorities said he confessed to his family that he had carried out a $50 billion fraud. In court documents filed Tuesday, prosecutors raised the size of the fraud to $64.8 billion.
I'd like to see if the Judge gets a promotion or some fat Legal Partnership out of this. I'm sure there is a lot we are not being told and the procedure seems to want to keep it that way.
March 12th, 2009, 07:23 AM #12
Madoff is not cooperating with the investigation, is not naming any co conspirators, nor does he WANT to return any money. In fact, he's trying to keep money.
March 12th, 2009, 11:37 AM #13
He plead guilty this morning and had his bail revoked, so he gets to spend from now until June in jail awaiting sentencing.The timing of death, like the ending of a story, gives a changed meaning to what preceded it. -Mary Catherine Bateson-
March 12th, 2009, 12:29 PM #14
After June, extradite him to Japan!
March 12th, 2009, 01:54 PM #15
Who knows. Maybe there's a (tacit) agreement for better facilities in return for co-operation and then a release after five -7 years for Olde Age.
Maybe, they don't want to know everybody involved as it may lead to where they don't want to go.
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