“It’s a little bit like seeing the devil,” said Burt Ross, a lawyer from Englewood, NJ who lost $5 million in Madoff’s swindle. Feeling betrayed, DeWitt Baker, an investor who lost more than $1 million angrily fumed “I’d stone him to death.” —-AP (03.12/09, Neusmeister, L; Hays, T)
Bernard Madoff, the personification of Wall Street greed and reckless extravagance has admitted guilt of pulling the biggest Ponzi scam in history. In the Federal Court of Manhattan, in New York, US district judge Denny Chin revoked Madoff’s $10 million bail and ordered the disgraced swindler’s confinement to a windowless room at the Metropolitan Correction Center instead of being comfortably holed in his lavish $7 million home at 133 E, 64th Street.
For defrauding his clients of $65 billion, at sentencing date in June this year, the former chairman of Nasdaq could get a life sentence—a maximum of 150 years in jail for perjury and financial fraud.
Without implicating anyone except himself, the apologetic Madoff who gave no comfort to his victims, pleaded guilty in all counts of fraud. In doing so, many believed his acceptance of full responsibility was a way to protect his wife Ruth, his family, and friends. His victims were fuming mad. Wall Street regulators ignored the flags of deception which allowed the once respected investment guru to operate without being caught for decades.
Thousands of defrauded clients in the United States and abroad include banks, charities, financial institutions, pension funds, retirees, and private individuals whose life savings and investments have been damaged. In their ranks are those who have suffered irreparable financial ruin with no chance to recover. At least one victim has been driven into committing suicide.
Some of Madoff’s Victims
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
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
The imprisonment of Madoff is just the tip of the iceberg to the massive scandal that rocks Wall Street. Trust in the financial institutions is at an all time low. Many Americans adversely affected by the economic meltdown are demanding for accountability and prosecution of those responsible in the betrayal of trust. (Photo Credits: Acteon; Jason Smith) =0=