Word: madoff
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...Bernard Madoff's lawyer, Ira Sorkin, told U.S. District Judge Denny Chin on Tuesday that Madoff expects to plead guilty to charges that will put him in prison for up to 150 years. (Watch the video of Madoff pleads guilty...
...Attorney's office has filed 11 counts against Madoff for his part in a decades-long Ponzi scheme, now estimated in court documents to amount to $64.8 billion, considered the largest in history. In fact, the new dollar amount cited in a Justice Department communication to Sorkin tallies the total size of the fraud, which dates back to the 1980s, at $170 billion, which includes money invested with Madoff, interest earned and payouts to investors as well as the value of things he bought for himself, like a yacht. "The charges reflect an extraordinary array of crimes committed by Bernard...
...While the alleged crimes are not novel, the size and scope of Mr. Madoff's fraud are unprecedented," Dassin said. "As a result, Mr. Madoff faces 150 years in prison, mandatory restitution to the victims of his crimes, forfeiture of his ill-gotten gains and criminal fines. The government has not entered into any agreement with Mr. Madoff about his plea or sentencing. The filing of these charges does not end the matter. Our investigation is continuing...
Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...
Read "Bernie Madoff's Victims: Why Some Have No Recourse...