Browse By

Bernard Madoff guilty, gets 150-year prison term


Just less than an hour ago, a US federal judge gave the 71-year-old former NASDAQ chair Bernard Madoff the maximum sentence of 150 years in prison for an “extraordinary evil” fraud that demolished the life savings of individuals and investments of charities and pension funds.

In the court decision, District Judge Denny Chin described the unprecedented nature of the multibillion-dollar fraud as “extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead … one that takes a staggering human toll.”

Bernard Madoff investment scamJust less than an hour ago, a US federal judge gave the 71-year-old former NASDAQ chair Bernard Madoff the maximum sentence of 150 years in prison for an “extraordinary evil” fraud that demolished the life savings of individuals and investments of charities and pension funds.

In the court decision, District Judge Denny Chin described the unprecedented nature of the multibillion-dollar fraud as “extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead … one that takes a staggering human toll.”

Just less than an hour ago, a US federal judge gave the 71-year-old former NASDAQ chair Bernard Madoff the maximum sentence of 150 years in prison for an “extraordinary evil” fraud that demolished the life savings of individuals and investments of charities and pension funds.

In the court decision, District Judge Denny Chin described the unprecedented nature of the multibillion-dollar fraud as “extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead … one that takes a staggering human toll.”

Just less than an hour ago, a US federal judge gave the 71-year-old former NASDAQ chair Bernard Madoff the maximum sentence of 150 years in prison for an “extraordinary evil” fraud that demolished the life savings of individuals and investments of charities and pension funds.

In the court decision, District Judge Denny Chin described the unprecedented nature of the multibillion-dollar fraud as “extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead … one that takes a staggering human toll.”

Just less than an hour ago, a US federal judge gave the 71-year-old former NASDAQ chair Bernard Madoff the maximum sentence of 150 years in prison for an “extraordinary evil” fraud that demolished the life savings of individuals and investments of charities and pension funds.

In the court decision, District Judge Denny Chin described the unprecedented nature of the multibillion-dollar fraud as “extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead … one that takes a staggering human toll.”

Who is Bernard Madoff?

Bernard Madoff was born into a New York Jewish family in 1938.  He founded his investment firm, Bernard L. Madoff Investment Securities, in 1960. By the early 1980s, the firm was one of the largest independent trading operations in the securities industry, and by 2000 it had about $300 million in assets.

He was closely involved in the National Association of Securities Dealers (NASD), the self-regulatory organisation for brokers and dealer firms. The NASD went on to found NASDAQ, the screen-based equity exchange, in 1971, and Mr Madoff became its chairman in 1990.

Madoff investment scandal

Madoff stated that he began his Ponzi scheme in 1991. He admitted he had never made any legitimate investments with his clients’ money during this time; instead he simply deposited the money into his Chase Manhattan Bank business account.

He was committed to satisfying his clients’ expectations of high returns, despite an economic recession. He admitted to false trading activities masked by foreign transfers and false SEC filings. He said he had always wanted to resume legitimate trading activity, but it proved “difficult, and ultimately impossible” to reconcile his client accounts. In the end, Madoff said, he realized that his scam would eventually be exposed.

On December 10, 2008, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled. According to federal investigators, Mark and Andrew demanded to know how their father could pay bonuses if he couldn’t afford to pay investors.

Madoff then admitted the asset management arm of his firm was an elaborate Ponzi scheme. Through their attorney, Madoff’s sons reported their father to federal authorities. On December 11, he was arrested and charged with securities fraud.

On March 12, 2009, Madoff pleaded guilty to 11 federal crimes, including securities fraud, wire fraud, mail fraud, money laundering, perjury and making false filings with the SEC.

The Philippines’ own Madoff: Celso de los Angeles?

Madoff’s conviction reminds us how the Legacy rural banks scandal has continued to drag on for months now.

Dozens of rural banks have closed down, thousands of depositors are still waiting for their money, and the man supposedly behind all this — Celso de los Angeles Jr. — is still not tried.

Will Celso de los Angeles be the Madoff who was found guilty of investment fraud or the Madoff who, for years, enjoyed luxuries and fame while deceiving the public?

No one knows.

Source: Yahoo News

Related readings:

Who is Bernard Madoff?

Bernard Madoff was born into a New York Jewish family in 1938.  He founded his investment firm, Bernard L. Madoff Investment Securities, in 1960. By the early 1980s, the firm was one of the largest independent trading operations in the securities industry, and by 2000 it had about $300 million in assets.

He was closely involved in the National Association of Securities Dealers (NASD), the self-regulatory organisation for brokers and dealer firms. The NASD went on to found NASDAQ, the screen-based equity exchange, in 1971, and Mr Madoff became its chairman in 1990.

Madoff investment scandal

Bernard Madoff being escorted by police during investment scam trialMadoff stated that he began his Ponzi scheme in 1991. He admitted he had never made any legitimate investments with his clients’ money during this time; instead he simply deposited the money into his Chase Manhattan Bank business account.

He was committed to satisfying his clients’ expectations of high returns, despite an economic recession. He admitted to false trading activities masked by foreign transfers and false SEC filings. He said he had always wanted to resume legitimate trading activity, but it proved “difficult, and ultimately impossible” to reconcile his client accounts. In the end, Madoff said, he realized that his scam would eventually be exposed.

On December 10, 2008, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled. According to federal investigators, Mark and Andrew demanded to know how their father could pay bonuses if he couldn’t afford to pay investors.

Madoff then admitted the asset management arm of his firm was an elaborate Ponzi scheme. Through their attorney, Madoff’s sons reported their father to federal authorities. On December 11, he was arrested and charged with securities fraud.

On March 12, 2009, Madoff pleaded guilty to 11 federal crimes, including securities fraud, wire fraud, mail fraud, money laundering, perjury and making false filings with the SEC.

The Philippines’ own Madoff: Celso de los Angeles?

Madoff’s conviction reminds us how the Legacy rural banks scandal has continued to drag on for months now.

Dozens of rural banks have closed down, thousands of depositors are still waiting for their money, and the man supposedly behind all this — Celso de los Angeles Jr. — is still not tried.

Will Celso de los Angeles be the Madoff who was found guilty of investment fraud or the Madoff who, for years, enjoyed luxuries and fame while deceiving the public?

No one knows.

Source: Yahoo News

Related readings:

Who is Bernard Madoff?

Bernard Madoff was born into a New York Jewish family in 1938.  He founded his investment firm, Bernard L. Madoff Investment Securities, in 1960. By the early 1980s, the firm was one of the largest independent trading operations in the securities industry, and by 2000 it had about $300 million in assets.

He was closely involved in the National Association of Securities Dealers (NASD), the self-regulatory organisation for brokers and dealer firms. The NASD went on to found NASDAQ, the screen-based equity exchange, in 1971, and Mr Madoff became its chairman in 1990.

Madoff investment scandal

Madoff stated that he began his Ponzi scheme in 1991. He admitted he had never made any legitimate investments with his clients’ money during this time; instead he simply deposited the money into his Chase Manhattan Bank business account.

He was committed to satisfying his clients’ expectations of high returns, despite an economic recession. He admitted to false trading activities masked by foreign transfers and false SEC filings. He said he had always wanted to resume legitimate trading activity, but it proved “difficult, and ultimately impossible” to reconcile his client accounts. In the end, Madoff said, he realized that his scam would eventually be exposed.

On December 10, 2008, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled. According to federal investigators, Mark and Andrew demanded to know how their father could pay bonuses if he couldn’t afford to pay investors.

Madoff then admitted the asset management arm of his firm was an elaborate Ponzi scheme. Through their attorney, Madoff’s sons reported their father to federal authorities. On December 11, he was arrested and charged with securities fraud.

On March 12, 2009, Madoff pleaded guilty to 11 federal crimes, including securities fraud, wire fraud, mail fraud, money laundering, perjury and making false filings with the SEC.

The Philippines’ own Madoff: Celso de los Angeles?

Madoff’s conviction reminds us how the Legacy rural banks scandal has continued to drag on for months now.

Dozens of rural banks have closed down, thousands of depositors are still waiting for their money, and the man supposedly behind all this — Celso de los Angeles Jr. — is still not tried.

Will Celso de los Angeles be the Madoff who was found guilty of investment fraud or the Madoff who, for years, enjoyed luxuries and fame while deceiving the public?

No one knows.

Source: Yahoo News

Related readings:

Who is Bernard Madoff?

Bernard Madoff was born into a New York Jewish family in 1938.  He founded his investment firm, Bernard L. Madoff Investment Securities, in 1960. By the early 1980s, the firm was one of the largest independent trading operations in the securities industry, and by 2000 it had about $300 million in assets.

He was closely involved in the National Association of Securities Dealers (NASD), the self-regulatory organisation for brokers and dealer firms. The NASD went on to found NASDAQ, the screen-based equity exchange, in 1971, and Mr Madoff became its chairman in 1990.

Madoff investment scandal

Madoff stated that he began his Ponzi scheme in 1991. He admitted he had never made any legitimate investments with his clients’ money during this time; instead he simply deposited the money into his Chase Manhattan Bank business account.

He was committed to satisfying his clients’ expectations of high returns, despite an economic recession. He admitted to false trading activities masked by foreign transfers and false SEC filings. He said he had always wanted to resume legitimate trading activity, but it proved “difficult, and ultimately impossible” to reconcile his client accounts. In the end, Madoff said, he realized that his scam would eventually be exposed.

On December 10, 2008, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled. According to federal investigators, Mark and Andrew demanded to know how their father could pay bonuses if he couldn’t afford to pay investors.

Madoff then admitted the asset management arm of his firm was an elaborate Ponzi scheme. Through their attorney, Madoff’s sons reported their father to federal authorities. On December 11, he was arrested and charged with securities fraud.

On March 12, 2009, Madoff pleaded guilty to 11 federal crimes, including securities fraud, wire fraud, mail fraud, money laundering, perjury and making false filings with the SEC.

The Philippines’ own Madoff: Celso de los Angeles?

Madoff’s conviction reminds us how the Legacy rural banks scandal has continued to drag on for months now.

Dozens of rural banks have closed down, thousands of depositors are still waiting for their money, and the man supposedly behind all this — Celso de los Angeles Jr. — is still not tried.

Will Celso de los Angeles be the Madoff who was found guilty of investment fraud or the Madoff who, for years, enjoyed luxuries and fame while deceiving the public?

No one knows.

Source: Yahoo News

Related readings:

Who is Bernard Madoff?

Bernard Madoff was born into a New York Jewish family in 1938.  He founded his investment firm, Bernard L. Madoff Investment Securities, in 1960. By the early 1980s, the firm was one of the largest independent trading operations in the securities industry, and by 2000 it had about $300 million in assets.

He was closely involved in the National Association of Securities Dealers (NASD), the self-regulatory organisation for brokers and dealer firms. The NASD went on to found NASDAQ, the screen-based equity exchange, in 1971, and Mr Madoff became its chairman in 1990.

Madoff investment scandal

Madoff stated that he began his Ponzi scheme in 1991. He admitted he had never made any legitimate investments with his clients’ money during this time; instead he simply deposited the money into his Chase Manhattan Bank business account.

He was committed to satisfying his clients’ expectations of high returns, despite an economic recession. He admitted to false trading activities masked by foreign transfers and false SEC filings. He said he had always wanted to resume legitimate trading activity, but it proved “difficult, and ultimately impossible” to reconcile his client accounts. In the end, Madoff said, he realized that his scam would eventually be exposed.

On December 10, 2008, Madoff informed his sons that he decided to pay several million dollars in bonuses two months earlier than scheduled. According to federal investigators, Mark and Andrew demanded to know how their father could pay bonuses if he couldn’t afford to pay investors.

Madoff then admitted the asset management arm of his firm was an elaborate Ponzi scheme. Through their attorney, Madoff’s sons reported their father to federal authorities. On December 11, he was arrested and charged with securities fraud.

On March 12, 2009, Madoff pleaded guilty to 11 federal crimes, including securities fraud, wire fraud, mail fraud, money laundering, perjury and making false filings with the SEC.

The Philippines’ own Madoff: Celso de los Angeles?

Madoff’s conviction reminds us how the Legacy rural banks scandal has continued to drag on for months now.

Dozens of rural banks have closed down, thousands of depositors are still waiting for their money, and the man supposedly behind all this — Celso de los Angeles Jr. — is still not tried.

Will Celso de los Angeles be the Madoff who was found guilty of investment fraud or the Madoff who, for years, enjoyed luxuries and fame while deceiving the public?

No one knows.

Source: Yahoo News

Related readings:


9 thoughts on “Bernard Madoff guilty, gets 150-year prison term”

  1. Reel Advice says:

    look at how fast the U.S. Courts resolved this case? It took what? 2-3 months? I cannot see any end to trial against Celso de los Angeles! and that’s the sad fact about our supreme court.

  2. ricojake says:

    asa pa tayo sa justice system ng Pilipinas. We have a flexible law, you know?
    Whoever who has the resources to bend it will be free forever. Eh nagkataong my resources si
    Celso Angeles so pasensya na lang tau lol..
    .-= ricojake´s latest blog ..Private Resell Rights: What They Are and What It Means =-.

  3. Dinah says:

    Madoff deserve to live the rest of his rotten life in jail. Those people he scammed lost their hard earned money because of his greed. I wish we could punish the likes of Celso delos Angeles with the same swiftness the US justice system did with Madoff. Kaso, kung aasa tayo, I think we will be sorely disappointed!
    .-= Dinah´s latest blog ..How to Wire A House =-.

  4. TradeProfits says:

    I agree with Dinah! Scamming people of I don’t how much monye is just not okay! Time to go behind the bars!

  5. Millionaire Acts says:

    Well, good luck to Madoff. His scam fund has made a lot of people’s life devastated. They lost their hard earned savings! He deserves that! I hope we could also implement a mighty law that would put scammers here in our country into jail to rot for life.
    .-= Millionaire Acts´s latest blog ..What is your source of motivation? =-.

  6. Jay Castillo says:

    I’d love to see scammers here in the Philippines get convicted like Madoff to serve as a warning and to deter would be scammers. We have a long way to go but let’s hope for the best and do our part.
    .-= Jay Castillo´s latest blog ..9 Lessons Learned From The Real Property Tax Foreclosure Auction Sale In Quezon City =-.

  7. Weblogger|CarloBlogg Online says:

    matanda n xa, pero sori, nagkasala e – no one is above the law. sana ganto kabilis ang justice system natin sa pinas.
    .-= Weblogger|CarloBlogg Online´s latest blog ..Real Life size Gundam in Japan! =-.

  8. James | PinoyMoneyTalk.com says:

    @Reel Advice, that’s true. Probably Celso de los Angeles will see his end first before he sees the end of the cases against him.

    @ricojake, that’s one sad fact in the Philippines. I still hope though that true justice will prevail.

    @Dinah, I’m with you in hoping the right people will be punished in this long and dragging saga of Legacy banks!

    @TradeProfits, yup, send to jail those people who scammed the Legacy investors!

    @Millionaire Acts, we do have laws in the country that punish those people. The only problem is that they’re not being implemented properly and, if you are rich, you can manipulate the law to work in your favor. Tsk, tsk!

    @Jay, agree. I really hope these scammers in the country will be punished and will rot in jail.

    @CarloBlogg, sana nga ganyan din sa Pinas!

  9. Lyndsay Henretta says:

    In the beginning just remember it was darked and then someone smiled! try this:

    Some people wish to get what they deserve, while others fear the same. :)

Leave a Reply

Your email address will not be published. Required fields are marked *