Madoff Pleads Guilty, Does Not Past Go And Is Sent Directly To Jail

It’s now official, Bernie Madoff has pleaded guilty:

From the Associated Press:

NEW YORK - Saying he was “deeply sorry and ashamed,” Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs after his seething victims applauded in the courtroom.

U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.

Madoff spoke softly but firmly to the judge as he pleaded guilty to 11 charges in his first public comments about his crimes since the scandal broke in early December.

“I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed,” he said.

“As the years went by, I realized my risk and this day would inevitably come. I cannot adequately express how sorry I am for my crimes.”

Prosecutors say the disgraced financier, who has spent three months under house arrest in his $7 million Manhattan penthouse, could face a maximum term of 150 years in prison at sentencing June 16.

DeWitt Baker, an investor who says he lost more than a million dollars with Madoff, called it “fantastic” that Madoff’s bail was revoked but brushed off the apology.

“I don’t think he has a sincere bone in his body,” said DeWitt, who noted that prison time would be too good for Madoff.

“I’d stone him to death,” he said.

In other news there has been a suspicious rise in rock sales to wealthy investors…

…kidding, Analytical Wealth does not condone stoning people.

What I find most interesting about this is that despite the fact that Bernie is already facing life in Jail, he still isn’t cooperating on the Ponzi related charges. What Gives? It’s not like he’s pleading to lesser charges and has a hope of seeing the sun again.

However at this juncture I’m much more interested in what’s going to happen to the 3rd parties who were undoubtedly involved in enabling this fraud to continue for so long, because it’s highly unlikely that someone pulled off a $50 billion fraud by themselves.

You can read more here.

Source:

The Associated Press: “Madoff pleads guilty and goes to jail in handcuffs” — Larry Neumeister, Tom Hays, March 12, 2009.

Disclosure: at the time of publishing the author didn’t own a position in any of the companies mentioned in this article; the ideas expressed are solely the opinions of the author and shouldn’t be viewed as financial or investment advice.

Subscribe by RSS Subscribe by Email