Madoff "made off with my money"





Mr Bogus

Trouble Makers Inc.
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#1
Ok so the scum bag got 150 years...

Now about the money they recovered... they said that there was 2.5M that could not be attributed to the "Fraud" this guy pulled off...

Should we care "where" the money came from when he bilked people out of billions? Is there a moral issue with total forfeiture of every last dime this guy has? How about the millions he gave family members, shouldn't they be collected as well and given back to the people he destroyed?

Source: 10 more will be charged in Madoff scam - U.S. business- msnbc.com

I know there are others but sure seems that there should be no limit to his suffering...
 

Takeuon

Registered
#2
Ok so the scum bag got 150 years...

Now about the money they recovered... they said that there was 2.5M that could not be attributed to the "Fraud" this guy pulled off...

Should we care "where" the money came from when he bilked people out of billions? Is there a moral issue with total forfeiture of every last dime this guy has? How about the millions he gave family members, shouldn't they be collected as well and given back to the people he destroyed?

Source: 10 more will be charged in Madoff scam - U.S. business- msnbc.com

I know there are others but sure seems that there should be no limit to his suffering...
That was a big problem. Because the feds drug their feet in issuing the warrant and picking him up.....he had time & was able to disperse his wealth to family and into off shore accounts for them. These funds are now all but unobtainable. :banghead:

The only money I'm aware they were able to confiscate back was that of which he had dumped into his wifes accounts. That has been collected and SHOULD be dispersed back to the victims.

Not like that amount is enough to make up for the thousands of lives he destroyed. IMO....the victims may never see any money back. Who knows what the feds are doing with those funds now ???
 

skydivr

Jumps from perfectly good Airplanes
Donating Member
#3
In the old days, they would have tried, then hung a guy for stuff like this...a better deterrent than what we have now...
 
#6
Ok so the scum bag got 150 years...

Now about the money they recovered... they said that there was 2.5M that could not be attributed to the "Fraud" this guy pulled off...

Should we care "where" the money came from when he bilked people out of billions? Is there a moral issue with total forfeiture of every last dime this guy has? How about the millions he gave family members, shouldn't they be collected as well and given back to the people he destroyed?

Source: 10 more will be charged in Madoff scam - U.S. business- msnbc.com

I know there are others but sure seems that there should be no limit to his suffering...
That was a big problem. Because the feds drug their feet in issuing the warrant and picking him up.....he had time & was able to disperse his wealth to family and into off shore accounts for them. These funds are now all but unobtainable. :banghead:

The only money I'm aware they were able to confiscate back was that of which he had dumped into his wifes accounts. That has been collected and SHOULD be dispersed back to the victims.

Not like that amount is enough to make up for the thousands of lives he destroyed. IMO....the victims may never see any money back. Who knows what the feds are doing with those funds now ???
Not concerned with his suffering in any way. If he does or doesn't, who cares. What is of concern is that his penalty of 150 years is little more than "you're retirement home has bars" while his victims are no better off than before.

IMHO, any asset that he has, up to the amount that he has stolen s/b collected and distributed evenly, according to their loss and the funds recovered, amongst his victims. His wife and family that have helped him "hide" the funds s/b fined 10% of what they accepted and the add'l funds also distributed to the victims.

What we're seeing here is an example of why crime continues in this country: Because it PAYS! Virtually NONE of us that are living by the law will EVER achieve the financial security or success that he achieved through stealing and here he sits with little to no penalty while his victims are worse off for his "help" and without any recourse. Other than one's one moral character, why WOULDN'T you do what he did all over again? The potential reward far outweighs the potential risk for someone motivated purely by money. He's essentially traded his last years of freedom for a lifetime of luxury and that's a trade that the average criminal would be MORE than willing to make.
 

mrsBusawhipped

No training wheels?
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#8
Sad, he gets to be taken care of the rest of his life, while alot of his victims will have to struggle to keep a roof over their heads.

I hope that if any books are written or movies made that the victims get all the proceeds!!!
 

Busa1166

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#10
Crime does pay and if you do it right it pays very well indeed. As for me I see him responsible for the deaths of those who could not deal with their loss an ended their own lives. He should be charged with that too. Doesn't really matter there will never be any real justice
 

Dino

VERITAS - AEQUITAS
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#11
Well I am not a fan of capitol punishment. But come on are you saying that spending the rest of your life in jail is not a punishment? Sorry guys I love the daily human contact I get with people I care about. I look forward to my son's and daughter getting married and playing with grandkids one day. Of simply getting up in the morning and choosing between going surfing, riding my busa, or rolling over and sleeping a little longer. To think going to prison for the rest of your life is not suffering tells me some of you take your freedom for granted.

I do agree that the victims should get some of their money back, but who is going to pay to trace the money and do the research to make sure everyone is getting what they are entitled to? Should we taxpayers pay for that?
 

DREW

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#12
I think his family should have to prove their money was obtained through legal means. If not , take it.
 
#13
i know everybody wants to cry for the victims......

but when something is too good to be true....it usually is.

why should i feel any more for these people, than those burned by the nigerian internet scam..
 

dadofthree

Seasoned Beef
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#14
Well I am not a fan of capitol punishment. But come on are you saying that spending the rest of your life in jail is not a punishment? Sorry guys I love the daily human contact I get with people I care about. I look forward to my son's and daughter getting married and playing with grandkids one day. Of simply getting up in the morning and choosing between going surfing, riding my busa, or rolling over and sleeping a little longer. To think going to prison for the rest of your life is not suffering tells me some of you take your freedom for granted.

I do agree that the victims should get some of their money back, but who is going to pay to trace the money and do the research to make sure everyone is getting what they are entitled to? Should we taxpayers pay for that?
Don't keep up with the news, but the complaints probably stem from him doing the buck fitty in a federal vacation prison ....
 
#15
Yeah, prison: where he gets 3 meals a day, a roof over his head, cable television, free medical care, etc etc...yeah hes got it rough!
 
#16
i know everybody wants to cry for the victims......

but when something is too good to be true....it usually is.

why should i feel any more for these people, than those burned by the nigerian internet scam..
Not even comparable! He used highly respected investment brokers in his scheme who in turn passed the info down to their customers. These were not some strange unknown faces we are talking about. These brokers were well known in the investment industry. So when they made a recommendation .....if you like making money....you'd normally heed their word. This would be passed down by word of mouth. Hence why it effected so many people. Not just the wealthy clients.
The messed up thing about it was...the scheme allowed enough evidence over a short period of time to show profitable gains. Therefore the brokers had something tangible to show their clients. Did some of the brokers smell BS!?? Probably....so I'm sure there are a few of them sweating bullets. But more then not had no idea.
 
#17
Well I am not a fan of capitol punishment. But come on are you saying that spending the rest of your life in jail is not a punishment? Sorry guys I love the daily human contact I get with people I care about. I look forward to my son's and daughter getting married and playing with grandkids one day. Of simply getting up in the morning and choosing between going surfing, riding my busa, or rolling over and sleeping a little longer. To think going to prison for the rest of your life is not suffering tells me some of you take your freedom for granted.

I do agree that the victims should get some of their money back, but who is going to pay to trace the money and do the research to make sure everyone is getting what they are entitled to? Should we taxpayers pay for that?
Not that prison is a cake walk in any regard. However, it's a trade that he's made and given his age and stolen wealth, he'll likely receive very preferential treatment while in prison. The 150 years thing is silly for any criminal - it's a virtual sentence and only underscores the fact that any realy repayment to society or the victims will never happen. The fact that this guy has, even after getting busted, scurried around hiding his stolen wealth makes it obvious that he has absolutely no remorse for his actions or the consequences that he's imposed on his victims and points out that even while "under arrest/in prison" he's still free enough to continue to commit additional crimes.

I'm not touting death penalty here, just pointing out that he's gettin' off pretty light while his victims are no better off for his imprisonment. I don't know how to pay for the investigation and recovery of the stolen funds, but one might suggest that a % of the funds recovered could be used to pay for the expense of recovery and/or the criminal, who still has millions of personal funds, could fund the recovery. Win/win!
 

skydivr

Jumps from perfectly good Airplanes
Donating Member
#18
Well I am not a fan of capitol punishment. But come on are you saying that spending the rest of your life in jail is not a punishment? Sorry guys I love the daily human contact I get with people I care about. I look forward to my son's and daughter getting married and playing with grandkids one day. Of simply getting up in the morning and choosing between going surfing, riding my busa, or rolling over and sleeping a little longer. To think going to prison for the rest of your life is not suffering tells me some of you take your freedom for granted.

I do agree that the victims should get some of their money back, but who is going to pay to trace the money and do the research to make sure everyone is getting what they are entitled to? Should we taxpayers pay for that?
I'm not saying life in prison to think about what you've done isn't decent punishment, but my tax dollars are going to pay for it. Does not create an effective deterrent. Not that I'm a fan of the Saudi judicial system, but you've got to admit it had a deterrent effect...
 
#19
sorry but i cannot feel for people that put thier life savings into madoffs ponzi scheme...

they made returns on thier money that were far above the market norm. they monthly statements they recieved were fake, filled with mistakes.....and even claiming to buy into money market funds that have not exhisted for 3 years....

people get ripped off because they do not take care of thier money....the "CON" in Con-Artist is for the word confidence...he gains your confidence, so that you give him your money...inspite of all the red flags.

2500 investors and none of them chose to do the research and monitor this guy or the firms actions.

"November also reported putting cash into Fidelity Spartan U.S. Treasury Money Market Fund. Fidelity says it hasn't had a fund by that name since 2005" CNN 1-22-09

i you are not watching your money, who is?
 

Dino

VERITAS - AEQUITAS
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#20
I'm not saying life in prison to think about what you've done isn't decent punishment, but my tax dollars are going to pay for it. Does not create an effective deterrent. Not that I'm a fan of the Saudi judicial system, but you've got to admit it had a deterrent effect...
True that
 

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