![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-507887-100x100.png\")
I expect his head in a jar to appear on the new 'Futurama'
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-242944-100x100.png\")
@NotChoinski:
Plotline: Becomes friend of Benders, develops get rich quick scheme, takes everyones money, spreads money out over other heads, Bite Benders Shiney Metal Ass, Resolution.
Sounds like a good episode!
![\"user-pic\"](\"/css/images/default.gif\")
Is he eligible for parole or early release? I really don't want this guy to ever get out. He didn't technically kill anyone, but his actions pushed a few to kill themselves. The scope of massive damage he did to people's financial lives is staggering. You really only have one portion of your life to earn money. If someone had that savings all taken away later in life they are going to be hard pressed to regain that wealth.
Madoff's actions are a major threat to society since so much of our society is built on the power of money even in the small scale of being able to live with some shred of dignity.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-343837-100x100.png\")
@bohemian:
\"...under current rules in federal court, a person must serve at least 80 percent of a sentence - 120 years - prior to being eligible for parole. That would mean Madoff would have to live until he was 191 years old before being eligible for parole.\"
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-907419-100x100.png\")
@wgrune: If we could indefinitely lengthen people's lives and keep them on special life support, I would have all criminals serve out their entire sentences that extend past their natural lives and then be killed
@wgrune: It's too bad that he'll die LONG before serving any appreciable amount of his sentence. He's physically incapable of serving his time.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-224192-100x100.png\")
@bohemian: Not to mention that, he will end up costing the government money too, since people will be able to write off their losses. That means he was indirectly stealing from all of us, not just his \"investors\".
@LibertyReign: It's Madoff. Taxes are not \"stealing\", but lost tax revenue due to his scam is a loss to society.
@johnva:
Madoff never stole anything from me. You see... I don't believe in getting rich quick. I never invested any money into his bullshit scams..which were obviously bullshit..just as the NASDAQ was when he ran it..
I was under the impression taxes were to fund the operation of the government, not to pay back shotty investments.. I guess I was misinformed..
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-16563-100x100.png\")
@johnva: That grates somewhat, considering some (many?) of his investors figured Madoff was pulling some kind of scam to maintain his returns, but a scam that conned everyone else, not his investors.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-226755-100x100.png\")
@drbtx1:
Actually, if that '14 year life expectancy' shtick his lawyer was pushing is right, he'll only serve about %10 in the federal system.
Fortunately Hell lasts for an eternity.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-342841-100x100.png\")
Haha so much of the 12/13 years he wanted
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-218835-100x100.png\")
YAY keep his ass in prison
I wonder how long it will take him before he's running scams on the prisoners in jail...
\"If you invest those cigarettes with me at 15%, in no time, you'll be earning more free smokes than you know what to do with! Trust me!\"
@Mondoz: the prisoners then will hold there own court,Madoff will have a lawyer who will also ask for 12/13 years
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-375555-100x100.png\")
I understand the gravity of what he did, and the damage Maddoff caused to people. What I don't understand is why men (primarily) get massive sentences for what is called white collar crimes, when people who kill their small children get away with terms of 10 years or less sometimes. Sometimes I wonder about our judicial system.
@blueneon: I can't stand this. Yeah the guy stole, he's an asshat and needs to go to jail. But there is a 2 TIME CONVICTED child molesting rapist 4 miles from my house and my 2 little girls. He moved to FL from NY and has the freedom to live near me. WTF is wrong with the system that a scammer will DIE in prison with this lowlife piece of shit free to roam the country.
@blueneon: I'm also against the division of Second/First Degree murder. In my country, there is only Murder and Manslaughter
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-68654-100x100.png\")
@blueneon: as far as i'm concerned, there are no white collar crimes. this man is a thief. throw him away. he's of no use to society any more.
@blueneon: His crime was perpetrated over the course of 20 years. So, maybe we're comparing one count of murder (which as you said might be ~10 years), to dozens of counts of fraud, which each carry 4-6 years and must be served consecutively?
The article doesn't seem to have any details about the reasoning behind his sentencing, besides that it is meant to act as a deterrent.
@blueneon:Most of the women who kill their children do so because they are suffering from some psychological problems. While this does not accuse their behavior it does mitigate their culpability and knowledge of their acts is more punishment than anything the courts could hand out. A long sentence would serve no purpose.
In the case of finical fraud a long sentence is a warning to every other would be schemer. This does serve societies purposes by preventing future crimes.
@Scrutinizer: didn't the supreme court recently rule against sentencing based on sending a message to others?
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-350350-100x100.png\")
@Elcheecho: WHAT???? Isn't the purpose of sentencing to deter others from committing the same offense?
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-78160-100x100.png\")
I hope that medical science ensures that he does every day of this sentence.He is kind of an avatar for the whole rotten Wall Street structure of this point in history. That said...
A LOT of his victims could have asked themselves how this guy could be up in down markets and up more in up markets without being able to explain how he \"invested\" their money.This is just not logical.When I have a couple of million on the line and that is the sum of my wealth , you better believe that no one person gets all of it , and if they say \"trust me\" , I'm outta there.
I hope that his cellmate has a \"thing\" for balding old guys.
@Snarkysnake: don't forget this guy was one of the founders and chairmen of the NASDAQ. normally you shouldn't trust anyone with your money whole heartedly, this guy had the credentials, and knew his clients personally. it'd be like trusting your family reunion video with Steven Spielberg, so you can't really blame them
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-237394-100x100.png\")
He's been watching Shawshank Redemption and crying at the end when he realizes that he's not actually innocent and deserves no boat on a beach.
He isn't sorry. If he were, he'd fully disclose all parties involved in this scam in an attempt to make things as right as possible. It's apparent that isn't happening. Like I said, he isn't sorry. Let him hang.
He isn't sorry. If he were, he would disclose all parties involved in this scam in an effort to return as much money as possible to the investors. However, that isn't happening. Like I said, he isn't sorry. Let him hang.
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-782863-100x100.png\")
@Righteous: Absolutely right. He isn't sorry about anything he did. If he were, he'd have been more cooperative, and would actively have gone about the process of liquidating his own assets in order to pay off his debts. Instead, he tried to keep as much stuff for himself, as he could.
The only thing he is sorry about, is that he was caught ... both for having operated the Ponzi scheme in the first place, and for having tried to shelter his property.
@Righteous: Damn it! Now I'm being scammed by this damn computer and network. My first post never appeared and then poof! there it is.
So wait. I'm sure that he'll be eligible for parole soon and since this isn't a violent crime perhaps it would be better to fine him and put him to work instead of having him sit in jail for the rest of his life.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-460519-100x100.png\")
Is it just me, or did he receive justice VERY swiftly? He was exposed in December, and less than a year later, he's convicted and sentenced.
I'm not complaining, but I always thought the justice system moved a lot more slowly. Or do the wealthy get bumped to the head of the line, too?
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-186777-100x100.png\")
@pollyannacowgirl: In addition to the other reasons listed above, his whole goal now is to have the rest of his family avoid prosecution/public exposure. He knows he's going down, so the faster they dump him in a hole and cnn forgets about him, the less inquiry there will be about how his sons made 3-4 mil a year and had \"no idea\" that anything was amiss.
@pollyannacowgirl: I think federal criminal court often takes less time. Remember how fast Tim McVeigh went from arrest to execution?
All he needs to do is find 10 people willing to serve a year each in his place, and if each of those 10 find another ten each...
@sir_eccles: This may be the first time I've ever called my dad over to look at a comment. We both laughed out out at this one.
Give the man a star!
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-159466-100x100.png\")
\"I'm not actually sorry, otherwise I never would've stolen all of your money and ruined your lives. It's completely devoid of meaning to even say it at this point, so I think I can actually say it without making Satan cry. I will turn and face you. I am sorry. I know that doesn't help you.\"
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-1029427-100x100.png\")
I'm just thrilled that the judge practically spat on his request for what, like, ten years? That's awesome. I just hope he doesn't get it reduced or get parole.
Nothing says \"I'm sorry\" like 20 years of swindling and then hiding the money so it can't be given back to the people it was stolen from.
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-6536-100x100.png\")
@jc364: Why didn't he disclose where the money is/went? You'd think if he actually wanted to get out of jail before he died he'd give up the info. It's not like he could spend it all himself.
Now they're just seizing everything they can get from him and his wife. I guess that explains why she didn't testify on his behalf.
Let him die in prison.
Then bronze his shriveled carcass and set him up on Wall Street as a warning to others.
Good. Rot.
I can't escape the sneaking suspicion that for every Ken Lay/Bernie Madoff etc. wealthy person who gets made an example of for the satisfaction of the masses, there are dozens more who operate above the law. Hope I'm wrong.
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-125641-100x100.png\")
Good. I just hope he doesn't serve his 150 years in a country club.
Should be nice if it REALLY was 150 years. I bet this scumbag will be let out in 12 years for good behavior or pity for getting old behind bars. We need truth in sentencing. If they sentence him for 150 years, he should be there until he dies.
I was feeling bad for the \"victims\" at first, but not so much now because they were greedy too.
the judge mentioned that no one - not \"friends, family or other supporters had submitted any letters on Mr. Madoff's behalf, attesting to the strength of his character or good deeds he had done.\"
Damn!
Well that says it all, doesn't it?
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-441571-100x100.png\")
is his wife still living it up with the money from those scamvestments?
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-1034061-100x100.png\")
@EdnaLegume: She lost a lot, and is left with only $3 million. It will be hard, but she is standing strong.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-350835-100x100.png\")
Sorry I can't feel the pain for those folks who got screwed by this guy. I wish I had the money to have been a target for him then maybe I could feel their pain...
...hey, but, maybe I can get the money to be a target if Prince Farkuintbut needs help getting his money out of Africa!
Not every victim was as wealth as Steven Spielberg. Madoff didn't require a huge minimum investment. Some people had $100,000 or less (their life savings) invested with him and lost it all. Some people will do just fine losing that money but several have lost everything. You really should follow the story a bit more before making dumbass comments.
So.. this leaves me wondering..when will Greenspan, Bernanke, and all the other Federal Ponzi schemers be sent to prison?
Madoff scams billions, but the federal reserve is allowed to have a Ponzi scheme operating in the trillions?
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-425904-100x100.png\")
It kinda seems like in TV or movies that supervillains get away with their crimes for a long time, then either get killed or accept living the rest of their lives in prison. Madoff is old and lived well off of scamming people for a long time; he should just die in prison; none of this \"negotiating for a lesser sentence\" or \"time off for good behavior\" crap.
His entire family who got rich off of his scheme should go down too, but that's another story.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-27305-100x100.png\")
I can't believe the wife gets to keep $2.5 Million.
I hope that money evaporates under the lawsuits and legal bills in store for her.
Call me inhumane, but i would love to see his fat, rich papmpered ass put into general population at a medium security prison. Seriously..\"Prison consultants?!\" Gen Pop will know what to do with him. They will se a rich, white guy comingand give him a nice shiv welcome. Class warfare exists, don't fart bunnies and rainbows and tell me it does not.
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-1013895-100x100.png\")
150 years in prison is not sufficient punishment.
Everyone should start using the word \"Madoff\" as a swear word, a word that means something along the lines of lower than the scum of the Earth. The more this \"insult\" sticks, the more this name will live on in history as \"lower than scum\" and countless Madoff generations can suffer the repercussions of the actions of one stupid ancestor.
Perhaps this will even make the families change their last name and eventually annihilate the name from the face of the planet.
@Thanatos:
King Richard: Brother, you have surrounded your given name with a foul stench!
[to the crowd]
King Richard: From this day forth, all the toilets in the kingdom shall be known as... johns!
Crowd: [cheers]
Prince John: NOOOOOOOOOOO!
It's too bad he couldn't be sentenced to house arrest in a little one room apartment with iffy air conditioning and heat, and forced to live on a small food stamp allotment & medicare. TV would be an old analog set with a converter box & whatever it could pick up OTA.
It would be cheaper than prison, and he wouldn't have any of the luxuries he enjoyed while bilking everyone out of their investments. I think it would be a great punishment for someone like him.
Now the question is where is he going to serve his time. If it's at Club Fed in Pennsylvania (I thought it was near Bucknell), then he'll learn how to work on his tennis game. If it's a legitimate prison, like Leavenworth, he'll have some serious problems real quick.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-196743-100x100.png\")
@H3ion: Leading candidate at the moment is the federal prison/hospital in Ayer, MA:
From the Boston Herald:
Located at the former Fort Devens some 40 miles west of Boston, Devens Federal Medical Center houses some 1,100 male inmates who require long-term medical or psychiatric treatment.
The former Ft. Devens site is being slowly turned over to manufacturing and housing. It's a predominantly wooded, shady location not too far up Rt. 2 from Concord, and the only harsh thing about it is the New England winter.
Phew...150 years...that's a lot of Vaseline!
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-21380-100x100.png\")
Wow, I was saying just the other day that he deserved 120 years, not 12. I guess the judge was even more harsh than I was.
The guy willingly and knowingly destroyed countless lives, with nothing else in mind but absolute greed. He's right where he should be.
I AM PREPARED TO BE FLAMED
You know, I really don't feel too sorry for most of those that lost money. The behavior and often downright criminal activity that resulted in the fortunes these people had, and the generational transfer of such wealth is really hard on society. There comes a point where enough is enough already with the excess concentration of wealth. I've seen a few ordinary folks that got ripped off, but the vast majority are privilaged trustafarians or those with somewhat shady dealings behind their wealth. Just as our Great Recession has caused us to save more, I wonder if any of these types will look back and think perhaps they should have used a bit of their wealth in the here and now for the wider benefit of society. Think of all the good that so many could have done with the money their greed got them scammed out of, or that was lost when Wall Street crashed. Please don't praise the charitable works some of these people did do: it is so miniscule compaired to their total net worth. Also, I know several charities lost everything: perhaps these Foundations & Trusts should quit making themselves permanent fixtures & get the money out there doing more good.
YOU MAY NOW FLAME AWAY at this socialist commie pinko fag...
Should've been crucified instead but then he's Jewish so I don't wanna look anti-semitic...
(hi hi)
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-25844-100x100.png\")
Madoff Eligible To Scam Again In Only 150 Years
Umm, not to sound pedantic, but the end of his prison term != the time he is inelgible to be involved in the financial services industry.
Assuming that he lived to be 221 (150 plus 71), upon his release he'd still be inelgible for any US licenses to hold most jobs in the financial services sector.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-607318-100x100.png\")
Meg! Such a saucy treatment of the person in question! The nouns and antecedents you use!
Do you e-mail your mother with those typing hands? -har!-
picture is hilarious
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-929652-100x100.png\")
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-86968-100x100.png\")
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-88249-100x100.png\")
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-474181-100x100.png\")
Is this one of those things where he will eventually be able to appeal it down to like 8 years plus time served?
@dragonfire81: Nay, nay. There's no parole in the federal system.
@dragonfire81:
I am not a lawyer. But I think the truth in sentencing applies here meaning he gets pretty much 150 years. Or as far his cold, dark, heart carries him.
@dragonfire81:
Nope. This isn't in L.A.