Bernard Madoff Expected to Plead Guilty to 11Count Indictment … Bye, Bye Bernie


Bernard Madoff has arrived at the federal courthouse this morning to face the music in his elaborate billion dollar Ponzi scheme that defrauded many out of their life savings.

Weekday judgment at Bernie’s. Please do not let this man remain free and living in a penthouse that was paid for by the fortunes of others. Can we finally have some justice in this case.

Madoff arrives in court for plea in fraud case

Bernard Madoff arrived at the federal courthouse Thursday morning where the disgraced financier is expected to deliver on his lawyer’s prediction that he will plead guilty to all 11 felony charges brought by prosecutors.

The expected plea ends a half-century career that saw him rise to Nasdaq chairman and one of Wall Street’s elite, and could result in a maximum prison term of 150 years.

They cannot put Madoff away long enough for what he has done to unsuspecting people. While the courts are at it maybe they can get Madoff’s accomplices as well and find some of the billions of dollars he swindled from individuals.

UPDATE I: List of 11 charges against Ponzi Scheme Swindler Bernard Madoff

  •  Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.
  • Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.
  • Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.
  • Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.
  • Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.
  • Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.
  • Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.
  • Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.
  • Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.
  • Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.
  • Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.

UPDATE II: Madoff Pleads Guilty … Bail Revoked

Madoff pleads guilty and bail revoked as he goes from the pent house to the big house

“Your honor, for many years, up until my arrest on Dec. 11, 2008, I operated a Ponzi scheme through the investment advisory side of my business,” Madoff told Chin without a trace of emotion. “As I engaged in my fraud, I knew what I was doing was wrong, indeed criminal.”

If you liked this post, you may also like these:

  • JUSTICE: Bye, Bye Bernie … Ponzi Scheme Swindler Bernard Madoff Get Maximum 150 Years in Prison
  • Poetic Justice Served: Bernie Madoff Loses Everything … Must Forfeit $170 Billion per Federal Judge Order
  • Former Subway Spokesman Jared Fogle to Plead Guilty to Child Pornography Charges
  • Scared Monkeys Radio Daily Commentary – Tuesday, December 30, 2008 – Former New York City Police Commissioner Bernie Kerik Pleads Not Guilty

  • Comments

    12 Responses to “Bernard Madoff Expected to Plead Guilty to 11Count Indictment … Bye, Bye Bernie”

    1. BUN on March 12th, 2009 8:19 am

      This man should go to jail today and why should his wife be able to keep millions of dollars??? Also will he get put in plush jail for upper class. Give me a break!!!

    2. nurturer on March 12th, 2009 8:24 am

      Heard an interesting comment by one of Bernie’s victims today. They believe that a plea deal was offered to get this case taken care of as quickly as possible, because the government doesn’t want its ineptitude and lack of oversight brought to light. The sooner it’s out of the limelight, the better.

    3. Dolf on March 12th, 2009 9:44 am

      no, think he is going to get some new “close friends” soon enough

    4. buster on March 12th, 2009 10:09 am

      He did !!! Hey bernard now it’s your turn to get the shaft !!! Don’t drop the soap !!!

    5. BUN on March 12th, 2009 1:32 pm

      Well, the wheels of justice do grind very slow and very fine…

    6. Greg on March 12th, 2009 2:48 pm

      As a person who works hard for every dollar earned, Iam sicken by this CROOK. My mother trained me as a little boy about people like Madoff.
      Moms Golden Rules…
      1.Handle you own money! 2. The stock market is like Las Vegas. Your Gambling all the time.
      3. If you ever smell money it stinks. Do not base your self esteem on money.

    7. Michelle Smith on March 12th, 2009 4:20 pm

      Hopefully he will rot in jail.

    8. Dolf on March 13th, 2009 8:38 am

      good post Greg!!

    9. ANewGirl on March 13th, 2009 4:36 pm

      ….and Bernie’s Attorney’s appealed his bail revocation today. ROFL!!! He’ll stay @ MCC until his sentencing in June. Life’s a bitch, isn’t it, Bernie?? When they transfer you for final placement, maybe you & Bernie Ebbers can become friends on your Facebook Page since White Collar Crime Cons can have some computer priviledges? Can’t wait till they tighten the noose on lovely Ruthie, the 2 Sons and his Brother for starters. How about also starting to pay back the some of the victims with that $70M mil. he requested be put aside for Wifie-Poo, selling all of their homes and liquidating all remaining assets?

    10. Susan on March 13th, 2009 5:25 pm

      Good riddance, Bernie :-) May your sorry a$$ rot in jail!!

      Now, his wife should be ordered to sell ALL of their assets to help repay those poor souls who trusted him and lost everything…

    11. ANewGirl on March 13th, 2009 9:59 pm

      NEW YORK — Convicted swindler Bernard Madoff and his wife, Ruth, owned net assets of at least $823 million as of the close of 2008, newly filed court records showed Friday.
      Madoff, who pleaded guilty Thursday to fleecing investors in a massive Ponzi scheme, lived large and luxurious, according to the statement of his financial condition that was filed in a federal appeals court in a bid to free him from a federal jail pending sentencing.

      The sworn statement outlined the lifestyle of the rich and infamous and showed many of the assets were held by Madoff’s wife or by a company she controls:

      •Homes in Manhattan, Montauk, Palm Beach and France: $22 million.

      •Cash: $17 million

      •Securities: $45 million.

      •Madoff’s net ownership interest in his investment business: $700 million.

      •Four boats, including a 2006 yacht in France called “Bull”: $9.3 million.

      •A 50% interest in a charter jet: $12 million.

      •Ruth Madoff’s jewelry: $2.6 million.

      •A Steinway piano and silverware in couple’s $7 million Manhattan apartment: $104,000.

      In all, the sworn statement, signed by Madoff on Dec. 31, listed total assets between $823 million and $826 million, and total liabilities of $265,000. The statement was prepared for the Securities and Exchange Commission, but was not previously made public.

      Federal prosecutors are expected to try to seize many of the assets through forfeiture proceedings following Madoff’s guilty plea to securities fraud, mail fraud, perjury and other charges.

      *******TIME TO PAY UP, BERNIE & RUTHIE !!! *******

      How’s that Canteen allowance holding out, Mr. Madoff?

    12. BUN on March 14th, 2009 8:44 am

      New Girl…thanks for info…I had not seen this whole list. This morning, “our Bernie” wants out of the jail, had chicken patty last night, could have upset stomach. Well, welcome to the real world. Hope he doesn’t get out because he might just run off or off himself to avoid jail which would be sooooo much easier FOR HIM; what about all those he took life savings, lucky to have chicken patty.

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