There are a few things that are hard to believe about this whole Bernie Madoff thing, first, the SEC (Securities Exchange Commission) could not find any evidence of this Ponzi scheme, EVER! Keep in mind the Ponzi schemes only last for about 3-4 months, NOT 20 YEARS, if you want to find out what the Ponzi scheme is all about, just Google Charles Ponzi.
Second, Madoff was allowed to live in luxury in his 65 million dollar apartment under house arrest until today. To tell you the truth, I thought he was going to kill himself last night so he wouldn’t have to be confronted by his victims today. Yes, today, here’s what went down, Madoff was ordered jailed Thursday after pleading guilty to all 11 criminal counts in one of Wall Street’s biggest swindles ever, “I operated a Ponzi scheme,” said Madoff to the packed courtroom, “I thought it would end quickly, but it proved impossible,” said Madoff, who stole from thousands of victims through his investment firm. “I am ashamed for these criminal acts. I always knew this day would come.”
U.S. District Court Judge Denny Chin remanded the 70-year-old to jail following his confession. He was taken to Metropolitan Correctional Center, near the courthouse in lower Manhattan. He could face a maximum of 150 years. The thing that I find amazing is that Madoff admitted that he never invested his clients’ money, and that he deposited the funds into a “Chase Manhattan” bank. “When money was requested, I paid it out from the Chase account,” he said.
I think the total number of people that trusted Madoff was something like 4600 people, and yet his wife, Ruth thinks she should be able to keep the 65 million dollar apartment and some tens of millions worth of the other property and assets, because she stated the she knew nothing about the whole scheme but Massachusetts regulators say that in the weeks before Madoff’s arrest, she withdrew $15.5 million from a brokerage partly owned by her husband’s company. Earlier this month, answering one of two civil lawsuits that name both Ruth and Bernard Madoff, their lawyer asserted that about $70 million in property and accounts in Ruth Madoff’s name are separate from her husband’s assets and unrelated to any alleged fraud.
I’m sorry, but saying Ruth Madoff didn’t know anything about any of this is like saying Ava Braun & Adolph Hitler loved kosher meat.
