Judiciary Report - Bernard Madoff Imprisoned

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Bernard Madoff Imprisoned

March 12. 2009

Bernard Madoff today pled guilty, has been remanded into custody (incarcerated), is facing 150 years in prison and is waiting to be sentence in June 2009.

Bernard Madoff (center) - photo credit: Reuters

He apologized for his vast financial crimes. However, his victims' money is still missing and the countries in possession of what's left of it, should return it, as this is a special case (there must be a record of all the wire transfers from America).

Madoff's cell looks like a little broom closet. Hopefully it will serve as a deterrent to other wannabe fraudsters:

As I stated before this development (here and here), he should face life in prison. Pleading guilty took the case one step closer to that.

Will Bernie Madoff Get Life?

Accused Ponzi schemer faces up to 150 years. If Bernard Madoff pleads guilty, as expected, on Thursday, he could be agreeing to a life sentence in prison. The U.S. attorney in Manhattan on Tuesday filed 11 counts that add up to a possible 150 years incarceration and forfeitures of more than $170 billion. Madoff is 70.

http://www.newsweek.com/id/188847

Madoff's rise and fall, from fame to jail

11:39 PM EDT, March 12, 2009 - Numbers were always Bernie Madoff's strong suit, so it was fitting Thursday that his rise and fall, the trajectory of his story, could be told in numerical facts - miles traveled, money lost, years gone by.

Born 70 years ago, he now admits cheating investors of what investigators say may be as much as $65 billion, landing him in a Manhattan jail cell, 15 miles north of his blue-collar outer-borough hometown of Rockaway Beach.

http://www.newsday.com