No More Money for Madoff

A federal judge has ordered disgraced financier Bernard Madoff to forfeit over $170 billion.

Prosecutors say U.S. District Judge Denny Chin entered a preliminary order of forfeiture on Friday. The order forces Madoff to give up his interests in all property, including real estate, investments, cars and boats.

Prosecutor say the government also settled claims against Madoff's wife. Under the arrangement, the government obtained Ruth Madoff's interest in all property, including more than $80 million of property she claimed was hers.

Federal prosecutors want Madoff to be sentenced to 150 years in prison.

Madoff is due in court on Monday for sentencing in his massive fraud case.

thefreak said:
I'll just outright ask...anyone want to explain the Ponzi scheme in simpler terms? The Wiki page just gave me that blank stare.

-TM

thefreak said:
I'll just outright ask...anyone want to explain the Ponzi scheme in simpler terms? The Wiki page just gave me that blank stare.

-TM

Stiles said:
His Ponzi scheme, or Ponzis in general?

In general, Ponzi schemes pay old investors' profits with newer investor's money, while the crook takes a big cut. The scheme continues until the crook runs out of new victims, a large number of investors demand their money back, or a bona-fide accounting takes place.

thefreak said:
So, basically, I get you (Schmo A) to invest $50 in a widget, that widget makes $100 in profit, I keep the profit and just pay you $100 that was paid to me from Schmoes B and C to invest in said widget in the first place?

Ascanius said:

This, minus the profit part. You pay A with B and C's money because either you never invested the money in the first place, or you lost it, or whatever. A gets his profit and tells D, E and F how awesome you are. They give you money that you pass on the B and C as 'a return on their investment' and so on.

Ascanius said:

This, minus the profit part. You pay A with B and C's money because either you never invested the money in the first place, or you lost it, or whatever. A gets his profit and tells D, E and F how awesome you are. They give you money that you pass on the B and C as 'a return on their investment' and so on.

thefreak said:

Oh, so you would just lie about there being profit or whatnot in the first place.

Well, shit, that chainsaw better be running now!

-TM

Ascanius said:
You know this guy pissed away Eli Wiesel's life savings and bankrupted his charitable foundation? You believe that shit?

Princelogos said:
Uncle Bernie, ought to be shot, repaired, and shot again, everyday until there was only enough body parts working to keep him alive on life support, but fully conscious. Then he could suffer properly while he listened to all of the testimony by all of his victims over and over again until he died .
Then his remains could be cut up and dry preserved to be sold as momentos on the street corners
like newspapers. TRUST is a BUST !

Ascanius said:
You know this guy pissed away Eli Wiesel's life savings and bankrupted his charitable foundation? You believe that shit?

SergeantPsycho said:
Well he earned that money fair and square so no one really has a right to...


who am I kidding, take it away and give it to the poor!

MisterSatan said:

I'm quoting this because it took me a minute to actually let it sink in.

Holy shit, this alone ought to earn him a special place in Hell.

_margot_ said:

Jesus, how terrible.

I would like him to be in a solitary cell with a screen, and on that screen, for at least five years of his life, every day and every night there should be pictures of his victims, one after the other after the other, always saying, 'Look, look what you have done to this poor lady, look what you have done to this child, look what you have done.

thefreak said:
I'll just outright ask...anyone want to explain the Ponzi scheme in simpler terms? The Wiki page just gave me that blank stare.

-TM

BellyJack said:

I would be interested in how you have come to believe he earned this money "fair and square". Madoff pled guilty to criminal complaints brought forth by the DOJ.

I haven't read anything at all about what is to be done with the proceeds from this particular criminal forfeiture, but my understanding is they are typically used to fund law enforcement agencies.

Funding the poor would be a novel disposition for these assets, and I'm awaiting a citation indicating how this will be done.

DevilsReject said:
U.S. Attorney's Office suggests a potential 150 year prison sentence.

NEW YORK – Convicted swindler Bernard Madoff was sentenced to 150 years in prison Monday for fraud so extensive that the judge said he needed to send a symbolic message to those who might imitate his fraud and to victims who need relief.

Applause broke out in the crowded Manhattan courtroom after U.S. District Judge Denny Chin issued the maximum sentence to the 71-year-old defendant, who said he sought no forgiveness and knew he must live "with this pain, this torment, for the rest of my life."

Chin rejected a request by Madoff's lawyer for leniency and said he disagreed that victims of the fraud were seeking mob vengeance.

"Here the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Chin said.