gobbledonk Posted June 29, 2009 Author Report Share Posted June 29, 2009 I wondered about that too, Phil, but I *think* the only guys who get the 'country club' prison farm sentences are the low-risk, short-timers. When you think about it, Madoff has absolutely nothing left to lose now - thats not the kind of guy you want at the country club. Still, I'm sure his family have money hidden somewhere - time will tell. Link to comment Share on other sites More sharing options...
cardinalblue Posted June 30, 2009 Report Share Posted June 30, 2009 It will be a federal prision in which, I believe, there is no parole in his case.. He will die in prison... CB Link to comment Share on other sites More sharing options...
Dexi Posted June 30, 2009 Report Share Posted June 30, 2009 They estimate he stole somewhere in the region of 30-60 billion....wonder where it all went and whether any of it can be given back.... Link to comment Share on other sites More sharing options...
Torneyboy Posted June 30, 2009 Report Share Posted June 30, 2009 Yeah ...not much mention about that at all... Link to comment Share on other sites More sharing options...
cardinalblue Posted June 30, 2009 Report Share Posted June 30, 2009 Remember, he was taking in less than what he owes in principla and interest so he could never re-pay the so-called investments because actual money is not there if he had to make good on all his investors especially his final investors... I guess that is why is called a scam job or ponzi scheme.... What is most interesting is how the courts must decide who to pay and how much with whatever they re-cover.. percentages on the dollar vs individual worst case scenarios? CB Link to comment Share on other sites More sharing options...
ThaiHome Posted July 1, 2009 Report Share Posted July 1, 2009 What will be interesting is to see if they take money back from people to pay the late investors. After all, the early investors were paid off with money that was in essence stolen. TH Link to comment Share on other sites More sharing options...
Steve Posted July 1, 2009 Report Share Posted July 1, 2009 I wondered about that too, Phil, but I *think* the only guys who get the 'country club' prison farm sentences are the low-risk, short-timers. When you think about it, Madoff has absolutely nothing left to lose now - thats not the kind of guy you want at the country club. Still, I'm sure his family have money hidden somewhere - time will tell. There are different kinds of federal prisons. There are the 'club feds' and there are the maximum security, where one only has one hour of exercise in a confined area like the Marion, Indiana one for violent, hard core guys. Gotti was there I believe. I've heard some of the ones that used to be fairly low key now have some hardened guys in it. Some of the violent offenders were convicted of non violent offenses like money laundering, tax evasion or what have you. Club fed may not be the easy time it once was. Link to comment Share on other sites More sharing options...
gobbledonk Posted July 1, 2009 Author Report Share Posted July 1, 2009 cs, every 'FrontLine' doco I have seen points to the US correctional system as overcrowded and poorly administered, so I have no doubt that they have the killers in with the corporate fraudsters now, and thats exactly the way it should have been all along - perpetuating class divisions all the way to the prison system is bizarre. Those who watch 'Oz' wouldnt want to spend even a single night in a US jail, but there might be a whole new season of 'Prison Break' in the activities of those inside who would want to know where Bernie hid the missing billions. He might have been fabricating the returns on people's investments, but the investments themselves were real enough : unlike derivatives where people only committed cents in the dollar .... Link to comment Share on other sites More sharing options...
tartempion Posted July 1, 2009 Report Share Posted July 1, 2009 They estimate he stole somewhere in the region of 30-60 billion....wonder where it all went and whether any of it can be given back.... He did not "steal" that money since he "paid out" 12% interest on moneys invested, only part of it was used to pay for his NY apartment (only 40 million usd?) and a few other assets and some jewelry Link to comment Share on other sites More sharing options...
CTO Posted July 1, 2009 Report Share Posted July 1, 2009 He didn't steal anything - the "victims" knew he was promising impossible returns yet still gave him their $'s - so why is he different from a gem scammer? Link to comment Share on other sites More sharing options...
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