150 yrs in jail for ponzi scheming

17 years ago

lol

Oh mine!

A human can live for 150 years? I just learn it.

For this kind of crime, it's 150 years, but if you kill somone is what? 50 or 75 years? right?

Where the logic?

bye

Hugo

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TeddyP

17 years ago

Originally Posted by hugofortin

lol

Oh mine!

A human can live for 150 years? I just learn it.

For this kind of crime, it's 150 years, but if you kill somone is what? 50 or 75 years? right?

Where the logic?

bye

Hugo

Do you realize how many lives that his scheme destroyed?

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hugofortin 17 years ago

Originally Posted by TeddyP

Do you realize how many lives that his scheme destroyed?

I don't know exactly how many. But, I'm sure a lot.

bye

Hugo
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- WareTime 17 years ago
  
  speaking of Ponzi's, what ever happened with ASD surf for cash?
  
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Slyknight

17 years ago

Originally Posted by hugofortin

lol

Oh mine!

A human can live for 150 years? I just learn it.

For this kind of crime, it's 150 years, but if you kill somone is what? 50 or 75 years? right?

Where the logic?

bye

Hugo

Well apparently making money illegally is more serious that taking someone's life.

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JB 17 years ago

He deserves every day, $65B is a ridiculous sum of money - that amount of cash would actually make a difference to the economy of just about any country in the world. Not to mention that he indirectly destroyed thousands of peoples lives. No sympathy whatsoever.
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Floyd Fisher

17 years ago

Originally Posted by hugofortin

lol

Oh mine!

A human can live for 150 years? I just learn it.

For this kind of crime, it's 150 years, but if you kill somone is what? 50 or 75 years? right?

Where the logic?

bye

Hugo

Start with about 1 million counts of mail fraud. Then add in 1 million more counts of securities fraud, then 1 million more counts of money laundering.

Sentence seems a little light to me. From my count, they guy should be doing somewhere around 60-100 million years in jail. :p

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USHwy129

17 years ago

Well I'm guessing that's because he was convicted of multiple counts...although I haven't seen this story yet.

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imageworx

17 years ago

It should mean that he'll die in prison, since he's not a young guy...wonder where he'll do his time, I bet it'll be cush by prison standards.....

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Evita

17 years ago

Originally Posted by imageworx

It should mean that he'll die in prison, since he's not a young guy...wonder where he'll do his time, I bet it'll be cush by prison standards.....

No, and that is part of the 150 years thingie.

Had he gotten the 12 years his attorney was suggesting, he would have been in a minimum security prison with a lot of perks etc. But with a 150 year sentence not only is he ineligible for parole, he will be sent to maximum security prison.
NOT a fun place.
No no no.... no fun at all...

Madoff was concerned about how he would fare in such a place... Well, wonder how concerned his thousands of victims and their families are about how they will fare? Not to mention the hundreds of millions of dollars donated to charity that ended up in Madoff's very deep pockets?

I'm glad the judge went for the maximum sentence. But still, it ain't enough.

Evita

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CmdrStidd

17 years ago

Originally Posted by Evita

No, and that is part of the 150 years thingie.

Had he gotten the 12 years his attorney was suggesting, he would have been in a minimum security prison with a lot of perks etc. But with a 150 year sentence not only is he ineligible for parole, he will be sent to maximum security prison.
NOT a fun place.
No no no.... no fun at all...

Madoff was concerned about how he would fare in such a place... Well, wonder how concerned his thousands of victims and their families are about how they will fare? Not to mention the hundreds of millions of dollars donated to charity that ended up in Madoff's very deep pockets?

I'm glad the judge went for the maximum sentence. But still, it ain't enough.

Evita

Evita, I need to correct you on something that you have inadvertently gotten wrong. Like most people, you have thought that the time has some bearing on the type of prison. This is not true. There is a massive algorithm that is used to determine your "threat level" and that threat level is what determines the type of prison you go to. Most states have at least one facility that is specially designed for the needs of geriatric prisoners. It is my bet that this is the type of facility he is going to.

The only exception to the algorithm is the death sentence. That is the one sentence that guarantees you a maximum security prison in a cell for 23 hours a day with no human contact except maybe, and that is a slim maybe, the guards. That is the only time that you are guaranteed to have all visits through a window while you talk on a phone intercom to your visitor. That is the one that is hardest on a person.

In his case, he is not a flight risk and I cant remember if he has ever been convicted of crimes before so those will get factored into it. If he has other convictions in criminal court, he might end up in a close facility. Just so you all know, the ratings are from lowest to highest security: Minimum, Medium, Close, Maximum, Super Max (Where available). The supermax is for people like Manson, Bundy, Daumer (sp) and anyone who causes excessive trouble in the maximum security facilities.

I hope this clarifies things.

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Alan Petersen

17 years ago

There are people out there serving 300 years. The reason for those type of sentences is so they can't get out...ever. Even a life sentence can have parole built in after 20 years or whatever so that ensures he'll die in prison.

Some of his victims killed themselves when they lost everything so he has blood on his hands. With the economy in shambles they're being a lot harsher towards white collar criminals.

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Megaseller

Banned 17 years ago

[DELETED]

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tommygadget 17 years ago

Originally Posted by Megaseller

I don't understand this, he's 71 now, he would maybe live upto 100yrs max , so it's just 29 years of
imprisonment overall :p

Actually, that's not true. They're going to freeze him just before he dies and resuscitate him in 2159.

TomG.
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TLTheLiberator

17 years ago

There's a special place in...

TL

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seasoned

17 years ago

Originally Posted by Slyknight

Was just watching the news and saw something about Bernie Madoff being sentenced to jail for 150 YEARS for running a $65 million (or was it billion) ponzi scheme. Holy $#17!! I didn't know it was that big of a crime...

It is BILLIONS!!!!!! The SMALLEST estimate is 13 BILLION. The Average estimate is closer to 50 BILLION!

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Global Greg 17 years ago

Damn, that is no joke! Let it be a lesson to all warriors and marketers in general! Don't BS people or try to scam money!!! We should be locking up some marketers out there scamming people out of their money!
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penny_preston

17 years ago

He destroyed many people's lives and deserves to rot in jail for the rest of his life. Of course, many of the people he hurt are the rich and famous, so they'll make sure he's punished. I agree with the comment about the lack of similar justice when it comes to murderers.