The biggest financial schemer in history, Bernard Madoff, 71, was ordered to forfeit more that $170 billion on Friday.
Madoff ran a high-end investment advisory business that was really a front for a sophisticated Ponzi scheme. A Ponzi scheme works on the “rob-Peter-to-pay-Paul” principle, as money from new investors is used to pay off earlier investors, according to the U.S. Securities and Exchange Commission.
Official figures of how much financial loss Madoff caused over the decades hasn’t been calculated yet. The AP reported that since December 1995 alone accounts that he has opened suffered loses of $13.2 billion. He is due to be sentenced Monday and prosecutors want him to get the maximum 150-year sentence.
I think this guy and his wife, who claims she didn’t know of the elaborate scheme — yea right, deserve life in prison without the possibility of parole. People have gotten life-sentences for lesser crimes. His disregard for the financial well-being of his clients have ruined some of their lives from a financial standpoint.
What is a couple in their 80s, who losses 90% of their savings supposed to do?
He was a ruthless, heartless con-artist who deserves the worst punishment that the law can provide for him. Hopefully, they don’t send him to one of those country-club prisons like where they sent Martha Stewart. No, this guy needs to be in the slums, where he can really dwell on the mess that he orchestrated.
SabreeThinks they need to lock him up and throw away the key!