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A 150-year prison term

This might sound ridiculous but this is a sentence that has been passed – a court has sentenced a 71-year old man to a prison term of 150 years! The man Bernard Madoff, a one-time non-executive chairman of NASDAQ stock exchange, admitted to large swindling and financial fraud. He pleaded guilty to 11 criminal counts of various financial offences like securities fraud, mail fraud, money laundering etcetera that swindled billions of dollars from investors. The magnitude of the fraud, which came to light in December last year, can be gauged from the fact that those who had invested their life’s savings hoping to become millionaires with comfortable retirement days were reduced to paupers overnight.

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Bernard Madoff sentenced to 150 years in prison | The Australian

Submitted By: prabirghose | 5 months ago

UPDATE: Chad Bray | June 30, 2009 BERNARD Madoff was sentenced to 150 years in prison after admitting to running one of the largest and longest financial frauds in recent memory. At a packed hearing in New York, US District Judge Denny Chin ordered ...
Bernard Madoff hires help to survive hard time

News Source: Times Online | 5 months ago

Bernard Madoff has hired a veteran prison consultant to help him to find the best possible jail in which to serve his 150-year sentence for Wall Street’s biggest fraud. After his sentencing this week Madoff, now Prisoner No 1727-054, met Herb...
Man claims wounding was an accident

News Source: Jamaica Star | 5 months ago

A Canadian man who tried to smuggle drugs out of the island to help him clear mortgage and tax obligations, was sentenced to six months in prison at hard labour when he appeared before the Montego Bay Resident Magis-trate's Court on Wednesday.
Jailed Madoff's New York penthouse seized

News Source: Turkish Press | 5 months ago

US authorities seized the Manhattan penthouse owned by convicted Wall Street swindler Bernard Madoff, forcing out his wife Ruth who was still living there. "The US marshalls went and seized the property," marshall spokeswoman Nikki Credic confirmed...
Financial Times: SEC blamed for failing to spot Madoff fraud

News Source: Androscoggin News | 5 months ago

Mr Pitt, who was SEC chairman for 15 months between 2001 and 2002, confirmed that the regulator had been given evidence of alleged wrongdoing by Mr Madoff’s business at various points – in 1992, 1999, 2005 and 2006. “But during [my tenure],...
Bailiffs move into Madoff's $7m Manhattan home

News Source: The independent | 5 months ago

The US government has seized possession of Bernard Madoff's $7m penthouse on Manhattan's exclusive Upper East Side, changing the locks and forcing his wife of 50 years, Ruth Madoff, to seek new accommodation. Mrs Madoff, who was in the property at...