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Thursday, March 12, 2009

Charlatan of the Century 1/2


The 11 felony charges to which Bernard Madoff pleaded guilty Thursday in federal court in New York. Sentencing has been set for June 16.<--{Happy Birthday}

• Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.
• Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.
• Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.
• Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.
• Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.
• Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.
• Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.
• Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.
• Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.
• Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.
• Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.


Society... You people are never satisfied. He plead guilty and go to jail and you still hate on him? WTF!!

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