Custom Search

Saturday, March 14, 2009

Madoff Pleads Guilty, Jailed

From the Hoss's Mouth


Hoss Cents Free Financial Money Magazine is ecstatic that U.S. District Court Judge Denny Chin revoked Bernard Madoff's bail (for details see Madoff remains free on bail). Madoff, who engineered the largest Ponzi Scheme in history, pleaded guilty to all eleven charges against him:

• Securities fraud
• Mail fraud
• Wire fraud
• Investment adviser fraud
• Three counts of money laundering
• False statements
• Perjury
• False filing with the Security Exchange Commission
• Theft from an employee benefit plan



Madoff Jailed

Judge Chin ruled that Madoff not only had the means to flee, but also an incentive to do so. Madoff's lawyers indicated they will appeal this decision, but The Hoss believes Judge Chin is correct to jail Madoff.

Madoff admitted he never invested the funds in securities as he had promised and told investors. He also admitted to lying to the Security Exchange Commission when they questioned him.

Reports indicate that to date the firm's bankruptcy trustee has located about $1 billion in cash and securities. This is nowhere near the estimated $65 billion owed investors.

"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," Madoff said in a public statement.

Three investors spoke at his hearing, and not once did Madoff look them in the eye. In fact he did not look at them at all.

The Hoss wonders if anybody out there believes Madoff could have pulled off such a huge scam without the help of others. Of course not, yet Madoff refuses to co-operate with investigators. He will not implicate his subordinates or relatives, one who worked with the Securities Exchange Commission at the time of his questioning.

Hoss Cents Free Financial Money Magazine sincerely hopes that this fraud, and others now being discovered, will encourage the authorities to improve and enforce stricter regulations.

Stay on track,

The Hoss


Next Hoss Cents Free Financial Money Magazine Post: AIG Retention Bonus Scandal
Previous Post: Collision Deductible

0 comments:

Post a Comment

Stock Ticker

Disclaimer

The Hoss is not a financial adviser. This blog is a reflection of his personal opinion, experience and financial choices. For financial assistance, please consult a licensed financial services professional.

The contents of http://free-financial-money-magazine.blogspot.com are provided for informational and entertainment purposes only, and should not be construed as advice. This material is not intended to provide, and should not be construed as providing individual financial, investment, tax, legal or accounting advice.

While the information shared on this website is believed to be accurate and reliable, the owners/operators of this website specifically disclaim all warranties, express, implied or statutory, regarding the accuracy, timeliness, and/or completeness of the information contained herein. Individuals leaving comments on this site are solely responsible and liable for the contents of their comments. Because this website is intended to provide general information only, you should discuss your specific needs with a qualified licensed financial services professional.

Links to other websites are for convenience only, and are independent from http://free-financial-money-magazine.blogspot.com. No liability is assumed for any inaccuracies in the information or for the content of any linked websites. No endorsement or approval of any other products, services or information is expressed or implied by any information, material or content referred to or included on, or linked from or to this website. No liability is assumed for incompatibility, non-suitability, viruses or other destructive/disruptive components on or from such websites.