Posted tagged ‘Ponzi Scheme’

Bernard Madoff Dying of Cancer?

August 24, 2009

According to the New York Post, Bernard Madoff has told fellow prison inmates that he is dying of cancer.

Looks like pancreatic cancer. This is what killed my grandfather. Quite possibly a painful death ahead for Mr. Madoff. I’m sure some will be happy if this rumor proves to be true!

From the New York Post:

Bernie Madoff had little to lose by confessing to masterminding the world’s biggest Ponzi scheme — he’s dying of cancer, sources told The Post.

Madoff, who is serving 150 years at a North Carolina federal lockup after pleading guilty to swindling more than $65 billion, has been telling fellow inmates he does not have much longer to live.

“He’s been taking about 20 pills a day for his cancer,” said one inmate.

“He talks about it all the time. He’s not doing very well.”

There’s been much speculation as to why Madoff took the entire fall for the scheme — and rumors of his suffering from pancreatic cancer surfaced many months before he arrived at the Butner, NC, complex in June.

The prisoners did not confirm that’s the form of cancer he’s suffering.

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Bernard Madoff Gets 150 Years

June 29, 2009

A federal judge sentenced Bernard Madoff to 150 years in prison for operating the Ponzi scheme that devastated thousands of people.

From the New York Times:

In pronouncing the sentence — the maximum he could have handed down — Judge Denny Chin turned aside Mr. Madoff’s own assertions of remorse and rejected the suggestion from Mr. Madoff’s lawyers that there was a sense of “mob vengeance” surrounding calls for a long prison term.

“Objectively speaking, the fraud here was staggering,” the judge said. “It spanned more than 20 years.”

The sentencing came at the end of a 90-minute hearing in which victims of the $65 billion fraud told a packed courtroom that the judge should show no mercy and Mr. Madoff himself stood up from the defense table to acknowledge the damage he had inflicted and express regret.

“I’m responsible for a great deal of suffering and pain, I understand that,” the 71-year-old financier told the court. “I live in a tormented state now, knowing all of the pain and suffering that I’ve created. I’ve left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren.”