Word: madoff
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...months ago, with the enrollment deadline fast approaching, he called the families of several kids who had been coming to camp for years but hadn't signed up yet for 2009. He heard details about grandparents who had footed the bill for camp losing their money to Bernie Madoff. He heard about parents who worked on Wall Street no longer getting a big enough bonus to cover camp. And the list went on. To keep his loyal campers coming back, he cut some deals: while everyone paid the same, more families than ever set up payment plans. "In the macro...
...Federal prosecutors balked at Sorkin's suggestion and demanded a 150-year sentence. "He engaged in wholesale fraud for more than a generation," said Marc Litt, an assistant U.S. Attorney, in a note to the judge. "The sheer scale of the Madoff fraud calls for severe punishment...
...former Enron chief executive Jeffrey Skilling got 24 years. In April 2008, a federal judge in Colorado sentenced 72-year-old Norman Schmidt to 330 years for using money from his investment scheme to purchase properties near Aspen and eight NASCAR race cars, among other items. Similar to Madoff's scheme, Schmidt's firm would send investors fraudulent monthly statements claiming big returns on their investments and urged them to contribute more cash...
...Judge Chin did not direct Madoff to a particular prison, though it is possible that he will be sent to a maximum-security facility like the federal prison in Marion, Ill. Though Madoff, at 71, is not a dangerous felon, his risk of flight is high, given his effective life sentence. A harsh maximum-security facility may also be an indirect way to pressure Madoff to cooperate and earn his way to a more lax prison...
...free chapter of the Madoff whistleblower's story No One Would Listen: A True Financial Thriller...