Fraudster Madoff gets 150 years

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Bernard Madoff has been given the maximum prison sentence of 150 years for masterminding a massive fraud that robbed investors of $65bn (£40bn).

The sentence, which means Madoff will spend the rest of his life in jail, was greeted with cheers and applause in the packed courtroom.

US District Judge Denny Chin said he wanted to send a message that Madoff's crimes were "extraordinarily evil".

Madoff's lawyer had sought a more lenient sentence of 12 years.

Judge Chin gave Madoff the maximum sentence on all 11 charges, which included securities fraud and money laundering.
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http://news.bbc.co.uk/1/hi/business/8124838.stm
 
AntiKarateKid said:
Along with the lawyer who tried to help him.
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The most important role of a lawyer is to try to find holes in the legal system.

It might mean that one criminal gets off but it also means the hole is plugged by the governemt and then all of society is better off.

-
 
He so close to death anyway, and 150 years doesn't even make sense. For such a hideous crime, wouldn't a more strict punishment be necessary?
 
He could not hang him and this is the next best alternative. How much did he cheat ppl off?

I heard he had 170 billion in assets, that the govt is seizing.
 
nocturne said:
He could not hang him and this is the next best alternative. How much did he cheat ppl off?

I heard he had 170 billion in assets, that the govt is seizing.
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Nah man, I don't think anyone can have soo much in assets, cars, mansions, yahts and even planes don't add up to that much

He frauded people out of 13 bn I think, and the police are seizing his mansions and other stuff which add up to around 150 million
 
Greetings,

The guy is 71 and he'd been getting away with his Ponzi scheme for 18 years. At least he'll be spending the rest of his life in jail.

Peace
 
:sl:
what's the point in giving him 150 years? It fails as a deterrant and a punishment; he lives tax-free for ''150'' years after committing FRAUD?! Sure, his old ass is stuck in a prison cell, but so freakin what? and 150 years - what the hell for; he's costing you MORE money!
 
^ true =\

But just to answer the above, it IS 171 billion $$. His wife got away with 2.5 billion or something. He spent cash like dirt. Man.... Just looking at his face makes me so mad.

Hanging to the best alternative-- hmm maybe he should serve some time in some horrible prison and then get hung.
 
Greetings,
aamirsaab said:
:sl:
what's the point in giving him 150 years? It fails as a deterrant and a punishment; he lives tax-free for ''150'' years after committing FRAUD?! Sure, his old ass is stuck in a prison cell, but so freakin what? and 150 years - what the hell for; he's costing you MORE money!
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What's the alternative?

Peace
 
eHafiz said:
^ true =\

But just to answer the above, it IS 171 billion $$. His wife got away with 2.5 billion or something. He spent cash like dirt. Man.... Just looking at his face makes me so mad.
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Are you sure that figure was his assets? or how much he frauded people out of?
 
czgibson said:
Greetings,


What's the alternative?

Peace
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Pay back all the money he stole to those he stole it from, for starters. And don't give him some obscure sentence of 150 years - it's pointless.

Tho, as far as punishments go, I can't think of an alternative, mainly considering his age of 71 (any form of labour/servitude is out of the question; same goes for physical punishment). Yet at the same time, I don't see how locking him up will act as a form of punishment or deterrant, again given his age: this guy wasn't found guilty until he was well above retirement age.
 
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Im surprised his sons are not found guilty. I mean their father was doing this for like 18 years and yet they were 'not aware of it'.yeah right!
 
Ar-RaYYan said:
Im surprised his sons are not found guilty. I mean their father was doing this for like 18 years and yet they were 'not aware of it'.yeah right!
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From what I've read it said that he confessed to his sons first on December 10, 2008, that the asset management arm of his firm was a giant Ponzi scheme—as he put it, "one big lie.", Apparantly they then passed this information to authorities.The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud.

But who knows Allahu A'lem.

Assalaam alaikum
 
aamirsaab said:
:sl:
what's the point in giving him 150 years? It fails as a deterrant and a punishment; he lives tax-free for ''150'' years after committing FRAUD?! Sure, his old ass is stuck in a prison cell, but so freakin what? and 150 years - what the hell for; he's costing you MORE money!
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Life in jail is a detterant and it is cheaper than the death penalty.
 
Whatsthepoint said:
Life in jail is a detterant and it is cheaper than the death penalty.
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Cheaper than the death penalty? What the hell is wrong with the world when it costs more to kill a criminal than it does to keep him alive for his whole life?

A simple bullet to the head or the traditional stoning is better than whatever royal treatment they're getting even in death. Let the family of the guy who committed suicide because of Madoff pull the trigger.
 
AntiKarateKid said:
Cheaper than the death penalty? What the hell is wrong with the world when it costs more to kill a criminal than it does to keep him alive for his whole life?

A simple bullet to the head or the traditional stoning is better than whatever royal treatment they're getting even in death. Let the family of the guy who committed suicide because of Madoff pull the trigger.
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It gets costly due to appeals etc and also it takes years do get from the courtroom to the chair.
 

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