Madoff Seeks Leniency at Fraud Sentencing

Discussion in 'Wall St. News' started by ipatent, Jun 23, 2009.

  1. ipatent


    June 23 (Bloomberg) -- Bernard Madoff, awaiting sentencing for running a $65 billion Ponzi scheme, asked a federal judge to sentence him to as few as 12 and no more than 20 years in prison, citing cooperation with federal officials.

    Madoff, 71, faces as many as 150 years in prison when he is sentenced June 29. He pleaded guilty in March to a massive fraud, in which he paid off old investors with money from new clients. His customers were told that they had as much as $65 billion in the weeks before the fraud came to light.

    Justice = Death Penalty for Fraud over $10 million.
  2. He should get the same leniency as he gave to the many people who depended on him
  3. Exactly, he should be stoned (for a period of no less than one hour) by his victims ...
  4. spinn


    he will get 3 days..........sentencing June 29 and he will be out July 5, having to miss the 4th of July :(

    most of the Financial community in NY probably admires him,,,,,he is a role model for all the young Goldman Sachs employees.........
  5. How do you think it'll work out?
    t has been widely reported in the media that Madoff’s criminal activity was confined to his fund management business, and that this business did not execute any real trades — that Madoff merely pocketed the money of his investors, all of whom were “victims.” According to the media reports, Madoff’s market making operation was legit.

    These claims may well be false. Again, the fact that Madoff was one of only ten people on the planet who owned large numbers of put options in Dendreon suggests a certain degree of foresight (especially when one understands those subsequent strange occurrences, which we will be getting to in due course). The trade was so counterintuitive, and timed so precisely to coincide with Dendreon’s triumphant news (and the brutal naked short selling attack that accompanied it), that the claim that Madoff was merely pocketing investors’ money and falsely reporting random trades seems unlikely, given how remarkable this one trade turned out to be.
  6. Tiger, a lousy 1800 puts, less than $3MM notional? The article is absurd.
  7. Gee. I thought the SEC said he never placed any trades. I think that's odd right there.
  8. You're absolutely certain he placed the DNDN trade from the buy-side? It makes no sense to bring any attention to the asset-mgmt firm when he can trade it from the market-maker.
  9. I asked the author, and he replied "asset management".

    Understand. Madoff, the big hedgies, who'll you'll read about shortly, leave a trail of bodies. Those people are great sources of information. The only reason this story hasn't been told is, the financial press is as corrupt as Wall St. I've put the links here. Betthany McLean, Chanos, Gradiant, Rocker......... It's documented.

    We have real problems, and the clean up is very messy.
  10. The spin by the unsophisticated will focus on the fact that trades were made, somehow attenuating the guilt, when in fact it makes his more culpable.
    #10     Jun 25, 2009