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After a “life of splendor” Madoff’s wife is sued to turn in $45 million

7/30/2009 | Posted by mesiamd | Edit Post

A trustee representing the victims of the notorious Ponzi artist Bernie Madoff sued the swindler’s wife Ruth. Irving Pickard, the appointed trustee of U.S. Bankruptcy Court in New York, claimed Madoff’s wife who led a “life of splendor” got $44.8 million in six years prior to her husband’s financial downfall. He wanted the money to be seized for the benefit of the scam victims.

"While Madoff's crimes have left many investors impoverished and some charities decimated, Mrs. Madoff remains a person of substantial means. The inequity between Mrs. Madoff's continuing financial advantages and the economic distress of Madoff's customers compels the trustee to bring this action."----CNNMoneey.com (07/29/09, Smith, A.)

After federal authorities seized the assets of Bernie Madoff, his wife who was not charged of a crime, was left with $2.5 million. Her swindler-husband who pleaded guilty of bilking his trusting clients in a decades-long $65 billion pyramid scheme is serving a sentence of 150 years in the Butner Federal Correctional Institution in North Carolina. The huge financial fraud left thousands of investors in financial ruin.

The money involve in this Madoff crime reminds us that America has become dishonest and extravagant in its spending. There are many US citizens who live a high life way beyond their means at the expense of others. They are not used to simple living. It augurs badly on their adaptability in the face of financial hardship.

One can just point to the billions and trillions being spent by the government that many cannot fully understand. With mismanagement and lack of accountability, it is likely to compromise the financial future of taxpayers and the next generation.

The budget deficit of the country is at an alltime high that even China is starting to question USA's ability to pay. The extravagant spending of the Obama administration doesn't match his rhetoric of belt-tightening and cost-cutting---his campaign promise during the election. There is a time when America is thought to be too big to fail, but in times of economic crisis, even the strong can slump down on his knees. (Photo Credit: NY Post) =0=

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Labels: bankruptcy, Bernard Madoff, financial, fraud, investments, Ponzi, prison, Pyramid scam, Ruth Madoff, swindler, Totie Mesia

King Ponzi schemer Bernard Madoff gets max of 150 years in jail

6/30/2009 | Posted by mesiamd | Edit Post

After irate testimonies from his victims, the financial whiz Bernard Madoff who defrauded his clients of some $65 billion in a Ponzi scheme, the largest in recorded history, was sentenced to 150 years in prison. It was the maximum that could be handed for a crime of such magnitude. The sentence was far more than the 12 years his lawyer asked for the reviled deceitful defendant. He stole huge money from trusting investors all across the globe right under the noses of government regulators.

US District Judge Denny Chin of the Manhattan Federal Court in New York handed the verdict to the cheers of a crowd that included his disgruntled clients from all across the social economic spectrum----investors from all races--- rich and poor, young and old, known and incognito who have lost their life savings and humiliated in a spurious money operandi masterminded by Madoff.

"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil," Chin said. "This kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll."---Judge Denny Chin (06/29/09, New York Daily News (06/29/09, Zambito, T, Martinez;Siemaszko, C.)

Some of Madoff’s Victims
------------------------------------------Description---------------------Amount
Fairfield Greenwich Advisors-----investment firm--------------$7,500,000,000
Banco Santander------------------Spanish bank-----------------$2,870,000,000
Bank Medici-------------------------Austrian bank----------------$2,100,000,000
HSBC--------------------------------- British bank-------------------$1,000,000,000
BNP------------------------------------French bank-------------------$431,170,000
New York University------------------University--------------------$24,000,000
Korea Teachers Pension----------Korean Pension Fund---------$9,100,000
Marc Rich------------------------------fugitive financier--------------Not available
Yeshiva University---------------------NY private university--------$14,500,000
Int’l Olympic Committee--------------Olympic organizer----------$4,800,000
Zsa Zsa Gabor-------------------------actress------------------------$10,000,000
Diocese of St. Thomas--------------Cath. Church (Virgin Is)-----$2,000,000
Source: http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html

In a statement Madoff’s wife Ruth who was not charged of a crime spoke of her shame and embarrassment, saying she too was betrayed. Most of those who followed the case, including the victims believe, Madoff who lived an extravagant life, got what he deserved.

His clients had been hurting since the discovery of the fraud. The 71 year-old former Nasdaq chairman apologized for his wrongdoing which ruined the finances of many. After a 6-minute statement of regret, the king of Ponzi was led by gurards to a solitary maximum security seclusion at the Manhattan Federal jail. More investigation had to be done to uncover the money trail in the confusing gargantuan scam. (Photo Credit: GiganticPanda) =0=

RELATED BLOGS: "Bernard Madoff, accused top Ponzi scheme artist is allowed bail" Posted by mesiamd at 1/13/2009; "Ponzi wiz Bernard Madoff sent to prison" Posted by mesiamd at 3/13/2009

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Labels: Bernard Madoff, financial, fraud, jail, laws, money, Ponzi, prison, Ruth Madoff, scandal, sentence, Totie Mesia, verdict

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After a “life of splendor” Madoff’s wife is sued to turn in $45 million

King Ponzi schemer Bernard Madoff gets max of 150 years in jail

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