Ponzi Scam King Bernie Madoff Dies In Prison
Bernie Madoff, the man behind the biggest Ponzi scheme in history, has died in prison at the age of 82.
Business | April 14, 2021, Wednesday // 23:48
US Financier Madoff Sentenced to 150 Years in Jail
World | June 29, 2009, Monday // 18:55
- Tweet
Send to Kindle
US financier Madoff (right) was sentenced to 150 years in prison over the Ponzi scheme. Photo by EPA/BGNES
The scandalous US financier, Bernard Madoff, was sentenced to the maximum 150 years in prison Monday for his large-scale financial fraud known as the Ponzi scheme.
Judge Denny Chin of U.S. District Court in New York announced the sentence just moments after Madoff apologized to his victims.
"I live in a tormented state for all the pain and suffering I created. I left a legacy of shame. It is something I will live with for the rest of my life. Saying I'm sorry is not enough. I turn to face you. I know it will not help. I'm sorry", Madoff said to his victims as quoted by CNN.
So far investigators have identified 1 341 investors in Madoff's firm, who have losses exceeding USD 13 B but that number is expected to rise as victims have until July 2 to file a claim with US Bankruptcy Court in New York.
On Friday, the US government seized all of Madoff's property in a USD 170 B legal judgment against him. The value of all the assets will be used to compensate the victims, based on how much they invested in Madoff's firm.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Related Articles:
Financier Vladimir Karolev: The Poor People in Bulgaria Are Very Few
The financier Vladimir Korolev considers that the calculations of the KNSB, even if every fourth working person is poor, are incorrect.
Society | August 13, 2019, Tuesday // 13:13
Bulgaria's Financial Intelligence: Mafia Funds Laundered through Renewable Energy Companies
Renewable energy companies are a front for money laundering, according to a report of the Financial Intelligence Directorate of Bulgaria's State Agency for National Security (DANS) for 2012.
Crime | July 8, 2013, Monday // 12:48
Madoff Faces 150 Years in Jail, Forfeits USD 170 B
The scandalous US financier and convicted Ponzi scheme operator, Bernard Madoff, is facing a sentence of 150 in jail or life imprisonment.
World | June 27, 2009, Saturday // 11:02
US Financier Madoff Admits Largest Fraud in Corporate History
Disgraced US financier Bernard Madoff has been jailed after pleading guilty to all 11 charges surrounding an estimated USD 50 B fraud. He could now receive up to 150 years in jail when he is sentenced in June.
World | March 13, 2009, Friday // 10:46
EU Annual Inflation Slows in March 2024, Bulgaria's Rate at 3.1%
Eurostat's latest report revealed a slowdown in annual inflation across the European Union, with the figure dropping to 2.6% in March 2024 from 2.8% the previous month
After They Failed Their Ally: Russian Peacekeeping Forces Commence Withdrawal from Nagorno-Karabakh
Russian peacekeeping forces have initiated their withdrawal from Nagorno-Karabakh following Azerbaijan's reclaiming of the disputed region from Armenian separatists last year, as confirmed by the Kremlin
The Netherlands Expands Support to Ukraine with Additional F-16 Deliveries
The Netherlands has delivered three more F-16 fighter jets to a training base in Romania
China Urges Further Preparation Ahead of Ukraine Peace Conference in Switzerland
China emphasized today the necessity for extensive groundwork before the Ukraine peace conference, slated to be held in Switzerland
Bulgarians Show Lowest Support for EU Membership
Bulgaria finds itself at the bottom of the list in terms of citizens who believe in the benefits of EU membership, according to the latest Eurobarometer survey results
Far-Right Conference in Brussels Halted by Police Sparking Controversy
A scheduled conference of far-right European politicians, including Hungarian Prime Minister Viktor Orbán and former British MEP Nigel Farage, was abruptly halted by police in Brussels
