Bernard Madoff - Ponzi scheme - DFWstangs Forums
 
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post #1 of 10 (permalink) Old 12-12-2008, 09:20 AM Thread Starter
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Bernard Madoff - Ponzi scheme

http://news.yahoo.com/s/nm/20081212/..._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.

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post #2 of 10 (permalink) Old 12-12-2008, 09:44 AM
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Oh yea, the check is in the mail!
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post #3 of 10 (permalink) Old 12-12-2008, 10:12 AM
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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.
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post #4 of 10 (permalink) Old 12-12-2008, 10:15 AM
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Quote:
Originally Posted by 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.
This is the best country in the world for that sort of thing.

Would you like to invest in the fund I am starting?
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post #5 of 10 (permalink) Old 12-14-2008, 06:32 PM
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I had no idea how big this is

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.

Last edited by jyro; 12-14-2008 at 08:03 PM.
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post #6 of 10 (permalink) Old 12-14-2008, 06:53 PM
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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.
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post #7 of 10 (permalink) Old 12-14-2008, 07:22 PM
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Madoff claims out of 50 billion

only 300 million is left and lawyers will fight over that but right now it's even missing.
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post #8 of 10 (permalink) Old 12-14-2008, 07:24 PM
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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
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post #9 of 10 (permalink) Old 12-14-2008, 07:59 PM
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he gathered his family and told them he was giving them a early Christmas present of

a few hundred million. He told his sons his fund was a big ponzi scheme, his own sons turned him in.
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post #10 of 10 (permalink) Old 12-15-2008, 10:15 PM
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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
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