It’s amazing how someone like Bernard Madoff stole all that money from people and non-profit organizations without federal regulators seeing what was going on. Isn’t this stuff regulated?
Yesterday, he received 150 years in jail. The guy is 71 years old. What is 150 years? Death in prison? According to the Wall Street Journal, Madoff can get out of jail for good behavior after 127 years. The articles continues by saying that the Bureau of Prisons has not decided where Madoff will go — to a high or low security prison. (If he serves in a low security prison, that would be a crime in itself.)
While he was sentenced, no one from his family stood by him. After sentencing, his wife spoke to the media saying “I feel betrayed and confused, The man who committed this horrible fraud is not the man whom I have known for all these years.” (Hmmm…. Where did she think all that money came from?)
The victims had an opportunity to address him, but still what good did that do if they lost all their money?
My parents were a victim of a ponzi scheme about 10 years ago. It was the most horrific time! They lost everything! The financial advisor is now serving a prison sentence and will probably be out of jail soon. My parents had to sell their home and many of their assets to get by.
Since that happened to my parents, I know how devastating it is. My heart goes out to the victims. It is horrible to trust someone and then have that trust betrayed! I also feel bad for all those financial advisors out there. You have a lot of work to do now. It’s bad “eggs” like Madoff to spoil a profession!
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