Friday, March 13, 2009

Madoff Made Off With A Lot Of Money - UPDATE

Bernie Madoff plead guilty to 11 felony counts yesterday and was sent directly to jail to wait for sentencing. No passing go..... No collecting $200.00..... He could be sentenced to 150 years in prison.

In his confession, he told the judge and former clients that "While I never promised a specific rate of return to any client, I felt compelled to satisfy my clients' expectations, at any cost." It wasn't his fault...... He just wanted to make everybody happy..... By lying to them, telling them that their investments were wildly successful, all the while spending their money and not investing it to gain any returns. He confessed that since the early 1990's, the money that was supposed to be invested, was deposited directly into bank accounts, and was NEVER invested!

This man had 4,800 client accounts when he was arrested in December. He falsely reported to these clients that he was holding $64,800,000,000 of their money! The actual investment losses to his client is estimated to be $10,000,000,000 to $20,000,000,000!!!!

As of the writing of this blog, approximately $950,000,000 of Madoff's assets have been recovered to reimburse scammed investors!

What a douchebag!

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