Bernard Madoff - Ponzi scheme

[jones4stangs]

http://news.yahoo.com/s/nm/20081212/bs_nm/us_madoff_arrest

Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion "Ponzi scheme" in what may rank among the biggest fraud cases ever.

U.S. prosecutors charged Madoff, 70, with a single count of securities fraud. They said he faces up to 20 years in prison and a fine of up to $5 million.


Ouch.

[AL P]

Oh yea, the check is in the mail!

[46Tbird]

My gosh, they're going to fine him for .01% of the loot he made with his crime. God, I need to get into securities fraud.

[AL P]

My gosh, they're going to fine him for .01% of the loot he made with his crime. God, I need to get into securities fraud.

This is the best country in the world for that sort of thing.

Would you like to invest in the fund I am starting?

[jyro]

when Enron went belly up it was 37 billion. The fallout may be worse. I just hope Soros had some money there. It might bankrupt banks in 4 countries, France, Spain, Italy and Switzerland.

[forever_frost]

Wow. You know, if he was older, shrugging off that 20 years, pay the fine and live a nice comfortable life on the rest. Problem is, he's 70.

[jyro]

only 300 million is left and lawyers will fight over that but right now it's even missing.

[sc281_99-0135]

only 300 million is left and lawyers will fight over that but right now it's even missing.


surprised he didnt leave the country. i wouldve

[jyro]

a few hundred million. He told his sons his fund was a big ponzi scheme, his own sons turned him in.

[Frank]

I just read the whole story. It really sucks for the charities and the little guys just trying to do good or retire. The effects are far reaching. Worse than Enron