Madoff sent to jail after pleading guilty to fraud
Press Trust of India / New York Mar 13, 2009, 13:48 IST
Disgraced Wall Street financier Bernard L Madoff was sent to jail after pleading guilty to swindling his clients of billions of dollars in a Ponzi scheme which he ran for years.
After 70-year-old Madoff pleaded guilty to all 11 felony charges yesterday, his victims applauded as he was led out of the courtroom in handcuffs to jail to await sentencing on June 16.
The charges included securities fraud, mail fraud, wire fraud, money laundering and perjury and together they carry a sentence of 150 years in prison.
Prosecutors say he swindled his clients of $65 billion and his guilty plea would not stop the investigations as investigators try to determine whether his sons or other family members or employees were involved in running the Ponzi scheme in which interest to older clients was paid by the money received from new clients.
Madoff offered his first public apology and said he was "deeply sorry and ashamed" at what he did.
"I knew what I was doing, it was wrong and I'm deeply sorry," he said amidst derisive laughter from his victims inside the court room.
The Judicial system is missing the boat on this one. There is a deal that should be made with Madoff.
http://pacificgatepost.blogspot.com/2009/03/deal-to-make-with-madoff.html
The objective is NOT revenge, but Restitution and Reconstruction.
How many such fraudsters are at large in world economies is not known yet. First, it was Satyam and now Madoff. The laws in all countries need to be more stringent inflicting severe punishments on economic offenders to deter people from playing such tricks any more.
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