Agent Smith goes after Madoff.

hool10

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Federal prosecutors are seeking the forfeiture of Bernard Madoff's four homes and other assets after Madoff's guilty plea to masterminding a massive investment fraud. The targeted assets include:
  • A Manhattan condominium valued at $7 million on East 64th Street, where Madoff was under house arrest for three months before his guilty plea.
  • Homes in Montauk, New York; Palm Beach, Florida; and Cap d'Antibes, France, as well as "all insured and readily salable personal property" contained in the homes.
  • A yacht named Bull, docked in France; three other boats and four automobiles: two Mercedes, one BMW and one Volkswagen.
  • A Steinway piano valued at $39,000 and a silverware set valued at $65,000.
  • $17 million deposited at Wachovia Bank, $45 million in securities held at COHMAD Securities and Madoff's interest in COHMAD Securities.

    http://www.cnn.com/2009/CRIME/03/16/madoff.assets/index.html

    They estimated his worth at up to $826 million. His business has an estimated worth of $700 million, according to the documents.

    Madoff was ordered to jail Thursday after pleading guilty to 11 criminal counts, admitting operating a Ponzi scheme estimated to have bilked thousands of investors out of billions of dollars.

Thanks for screwing up the world for previous and future generations to come because this does affect the world. Also I want the feds to look into this "COHMAD Securities". It was getting funded by stolen money and the people who gave money to Madoff probably stole it to begin with! :LOL: Yes but maybe COHMAD Securities had a hand in protecting the ponzi scheme from going public?
 
I was expecting to see Agent Smith aka Hugo Weaving hunting Bernie Madoff down an abandoned subway station and beating his ass to a pulp.
Some kind of spoof, at least.
I Am disappointed with this thread.
 
bu twill probably serve 150 days.


nah he's headed for a Supermax so he wont get shivved like he would at a Club Fed (white collar minimum security) ...now he'll be ass raped and then shivved ...see? things just seem to correct themselves
 
i've been reading about some of the shit this guy did but can someone explain to me the depth in which he has affected the market and those people he stole from?
 
I've been reading about some of the shit this guy did but can someone explain to me the depth in which he has affected the market and those people he stole from?

As I understand it, Madoff fooled everyone, from the institutional investors, fund managers to private (mostly-retirement age) pensioners by setting up mock "investment" funds, the quality of which was based on his previous job experience as the head of the NYSE (or NASDAQ) and his "golden touch" in guessing market returns in advance. The contains of these mock funds instead went into a ponzi scheme of sorts, with each new contribution from new investors paying off the coupon payment for each of the old investors, which is ultimately unsustainable.

Since the institutions were getting their ROI, the fund managers appear to have not cared in researching where in particular their money was invested, and relying on the initial prospectus and periodic return statements from Madoff in order to satisfy their curiosity. Of course, if the Fund Managers were practicing due care as they were supposed to, analyzing returns from the statements and correlating them to the actual returns, they probably would have found out much sooner.

As for the effect on the market - many retirees have lost their retirement savings in his scheme, and institutional firms in the US and other countries have lost millions of dollars from this. The harsh sentencing probably relates to the effects of ruining thousands of lives through obliteration of their retirement funds which had been accumulated over 30-40 years for each individual.
 
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