Warm Southern Breeze

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Posts Tagged ‘Bernie Madoff’

Good News! Bernie Madoff Is Dead!

Posted by Warm Southern Breeze on Wednesday, April 14, 2021

Some people make you happy with their arrival, while others bring joy with their departure. So it is with Bernard L. Madoff.

Scumbag Ponzi schemer, thief, liar, chronically habitual pathological prevaricator, con artist, good-for-nothing felonious criminal Bernard Madoff has died aged 82 this morning in Federal Medical Center in Butner, North Carolina, a facility in the Federal Bureau of Prisons, according to an anonymous source with direct knowledge of the matter and who was not authorized to speak publicly. The BOP acknowledged Madoff’s death later in the day.

The Associated Press and CNBC reported that Madoff died of apparently “natural causes” while serving a 150 year sentence handed down by U.S. District Court Judge Denny Chin who sentenced Madoff to the maximum penalty in March 2009 after Madoff plead guilty to all charges against him. In July 2019, financial news network CNBC reported that Madoff had filed application the Department of Justice for commutation of his sentence from then-President Trump, which was summarily denied.

Bernard L. Madoff, USDOJ booking picture 2008

When U.S. District Court Judge Danny Chin sentenced Madoff, he said in part that, “Here, the message must be sent that Mr. Madoff’s crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead … one that takes a staggering human toll.”

At his sentencing, Madoff appeared to attempt to minimize the catastrophic damage he’d inflicted which he had caused, and said that his actions were a “problem,” “an error of judgment” and “a tragic mistake.”

Following his arrest, Bernie Madoff was initially jailed briefly at the infamous Metropolitan Correction Center in Lower Manhattan after pleading guilty to 11 Federal felony criminal charges that carried a combined maximum prison sentence of 150 years, and was sentenced June 16, 2009 for masterminding the largest investment fraud in United States history. At the end of November 2008, his fraudulent firm, Bernard L. Madoff Securities, reported to his victim-clients that their so-called investments with him were valued at a total of $65 billion. However, he held but a very nominal fraction of that amount.

For several decades, Madoff was a considered a Wall $treet golden-haired guru, and even enjoyed a chairmanship of the NASDAQ stock market which he helped establish.

As a self-styled “investment advisor,” Madoff cast himself as a self-made man with a veritable sixth-sense for financial markets that defied their inevitable fluctuations.

The types of people whom he defrauded and bankrupted were as broad-reaching as his scam, and ranged from Florida retirees to celebrities including renown film director Steven Spielberg, actor Kevin Bacon, Baseball Hall of Fame pitcher Sandy Koufax, and included the ruination of various charities and foundations.

Among Madoff’s client-victims were Read the rest of this entry »

Posted in - Business... None of yours, - Read 'em and weep: The Daily News, End Of The Road | Tagged: , , , , , , , | 2 Comments »

 
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