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Ouch...

Old 12-11-2008, 07:37 PM
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http://news.yahoo.com/s/nm/20081212/..._madoff_arrest
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Old 12-11-2008, 07:48 PM
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maybe they will bail out his investor's too
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Old 12-11-2008, 07:58 PM
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It wasn't curiosity that killed the cat .... it was GREED !
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Old 12-12-2008, 12:19 AM
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A five million dollar fine? Not too hard to pay with 50 Billion in your account.....
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Old 12-12-2008, 05:18 AM
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I think the shmuck will be more concerned with doing possibly 20 yrs in the clink.
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Old 12-12-2008, 07:58 AM
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kerno - 12/12/2008 2:19 AM
A five million dollar fine? Not too hard to pay with 50 Billion in your account.....
That's where the SEC civil suit comes in. They will claim his illegally obtained profit as damages to the country as a whole. I don't know if any of that money will find it's way back to individual injured parties.

They will dig hard and deep to find hidden assetts right down to his McDonald's 'Arch Cards."
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Old 12-14-2008, 05:31 PM
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http://news.yahoo.com/s/ap/20081215/..._street_arrest
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Old 12-15-2008, 07:24 AM
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If i were him I would fear for my life
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Old 12-15-2008, 07:42 AM
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Good deals in Palm beach real estate now. Lots of wealthy people got whacked and will want revenge. Bet lost of attorneys are ringing up hours now.
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Old 12-15-2008, 08:20 AM
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“To the economist, embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or even years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in -- or more precisely, not in -- the country's businesses and banks. This inventory -- it should perhaps be called the bezzle -- amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression this is all reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks.” - John Kenneth Galbraith - The Great Crash 1929
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Old 12-15-2008, 07:12 PM
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http://www.time.com/time/business/ar...-yahoo-biztech

the banks overseas were exposed to this one as well.
normally these guys agree to give part of the money back, they get sentenced
5 years, out in 3 and live off the hidden money.

Most of the left over money ends up in government hands,
never gets back to the investor.

I used to know a few guys that pull something similar to this however in a smaller
scale. they say in the join they could get "ala carte" dinner, caviar, champagne and everthing
else they ask for.



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Old 12-16-2008, 03:35 PM
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http://money.aol.com/news/articles/_...276x1201018123

is already out on bail, these people because going to regular jail is a threat
to them, they get to serve prison time in "Army jail".

lobster, caviar etc...

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Old 12-16-2008, 05:08 PM
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Think he'll stick around?[img]../images/emoticons/wink.gif[/img]

I can't imagine too many places that will be safe for him to live w/ soooo many enemies.
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Old 12-16-2008, 05:45 PM
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GhostShip - 12/16/2008 4:08 PM



Think he'll stick around?[img]../images/emoticons/wink.gif[/img]

I can't imagine too many places that will be safe for him to live w/ soooo many enemies.
he will stick around...
the first thing to do after being caught is to make "friends" with the government.
after that he will be "protected".
if it was in a 3rd World country he will be dead and in pieces by now.

sad part of the story, there was some charities involved.

scandals similar, however smaller than this hit b4.
Shut, even Mayer Lansky "sticked" around.
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Old 12-16-2008, 06:39 PM
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From what I heard the SIPC only covers 700k for each account, and only has 1.6 Billion
total, most of the big investors will de out of luck.
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