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What will Madoff 's sentence be?

h.g.Whiz

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h.g.Whiz
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50 billion dollars is the equivilent of 3 years worth of common city crimes committed in America. But I bet he receives a lighter sentence than one might get robbing a 7 11 store. You can kill someone 3 ways physically emotionally, and financially, but only one has a penalty resulting in death.
 
It's hard to say what the sentence will be. On the one hand, the sliding sacle of justice says that rich people spend little if any time in prison for their crimes. On the other, a lot of his victims were wealthy as well and are in a better position to push for a heavy sentence.
 
Plea for what? He is the mastermind. I don't see him getting out of prison alive. It's bad enough that he lost money for individuals but that he knowingly stole from charities is sick.
 
Skilling got 24 years, Lay would also.

My guess would be 10 years or more for Madoff.
 
Just to be pedantic, I haven't seen any evidence that Madoff actually stole $50 billion. His crime is more accurately one of fraud, in that investors were led to believe their investments were making money when in fact they weren't. Madoff certainly doesn't have $50 billion.
 
WildCat said:
Just to be pedantic, I haven't seen any evidence that Madoff actually stole $50 billion. His crime is more accurately one of fraud, in that investors were led to believe their investments were making money when in fact they weren't. Madoff certainly doesn't have $50 billion.
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Agreed.

It's unclear if the 50 billion figure is the total money other people invested in him, or if it is an imaginary figure representing what the investments supposedly had grown to.

Second - he has paid out money to some of the investors as the scam went along. I don't know how much or how often, but not all investors let him reinvest the "profits".

And don't you know that all the money went to Israel and it was all a Jewish conspiracy?

http://www.creative-i.info/?p=2958

Believe it or not, that crap has been posted even on Norwegian forums.
 
WildCat said:
Just to be pedantic, I haven't seen any evidence that Madoff actually stole $50 billion. His crime is more accurately one of fraud, in that investors were led to believe their investments were making money when in fact they weren't. Madoff certainly doesn't have $50 billion.
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Just because he doesn't have it doesn't mean he didn't steal it. The thief who robs a bank and blows it all on cocaine or burns it all in a massive bonfire is still guilty of theft. In Madoff's case he burned it all in a bonfire of personal prestige, trying to make himself written up as connected, savvy and generous when in fact he was a loathsome pissant of a man. The billions that he stole that he didn't keep for himself went to market losses in that sick agenda.
 
h.g.Whiz said:
Will his family and friends get to keep all the stuff he gave them?
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I read actually that the DA is considering requesting return of all the funds not only from gifts but also from those first round "investors" who were given false payouts.
 
grunion said:
Just because he doesn't have it doesn't mean he didn't steal it. The thief who robs a bank and blows it all on cocaine or burns it all in a massive bonfire is still guilty of theft. In Madoff's case he burned it all in a bonfire of personal prestige, trying to make himself written up as connected, savvy and generous when in fact he was a loathsome pissant of a man. The billions that he stole that he didn't keep for himself went to market losses in that sick agenda.
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I don't think you understand. He didn't steal it because it never existed in the first place. If you give me $50,000 to invest and over the years I tell you that your $50,000 has grown into $10 million when in fact it was all invested in some internet company stock that went bye-bye I didn't actually steal your $10 million or even your $50,000. I comitted a fraud.

I'm not saying that what Madoff did wasn't a serious crime deserving of serious jail time (probably until he's dead), just that it wasn't really theft.
 
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