BERNARD MADOFF

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BERNARD MADOFF; Understanding What Happened
Topic Started: Mar 13 2009, 08:40 AM (27 Views)
Admin	Mar 13 2009, 08:40 AM Post #1
Administrator Posts: 130 Group: Administrator Member #1 Joined: November 10, 2005	So you are one of the unfortunate people that lost Millions to Bernie Madoff and you'd like to know where the money is and how you're going to get it back. By now most everyone has heard that Bernie Madoff pleaded 'Guilty' to all charges of Investment Fraud and did so without any 'Plea Bargain' requested or in the works. Much has been said about this 'No Bargain Guilty Plea' and the reason is clear, by offering a plea of guilty on all charges essentually means no lengthy Court Trial full of disclosure. Bad for those who have lost their savings and good for the American Tax Payer because this Court Trial could have reached in the multiple of millions to try his case. In June of this year (09') Mr. Madoff will face the Judge for his official Sentencing which at this time, is looking like a 150 years behind bars, which is the rest of his natural life. Wow talk about Riches to Rags. So I feel with the increase of our Information Technology, sooner or later anyone who perpetrates a scheme to swindle funds from unsuspecting Investors, which is considered a Felony, will eventually be uncovered. The reason Mr. Madoff was able to get away with this for so long is, whenever someone called for a withdrawal of funds from their investments, he woudl simply calculate what those earnings would be, drive down to his local bank and withdraw the funds. If you didn't ask for the money, you didn't get the money. We're talking, robbing Peter to pay Paul by most accounts but I think of it as more of a High Wire Act, thinking what would have happened if everyone wanted their money at the same time? When the Market went down, Mr. Madoff would sent statements portraying a Capital Loss and would ultimately tell the Investor to allow him to keep what was left in a Diversified Stock to recoup the lost funds. Well the funds were not lost because they were never invested. Obviously there's much more to talk about which also includes his wife and what she might be facing in the near future but I wanted to end this writing by telling for those who might not be aware, that it was his Sons that broke the story by notifying the Authorities. So many wonder, why would his Sons turn their father in unless there was a calculated plan to protect his family? We will find out ..
	________________________________________________________ Admin's Blog It's generally a good idea to understand the question before you provide the answer


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