Picard eventually reached settlements with the sons' estates, and with Ruth Madoff, who has continued to deny any knowledge of the fraud, and is reportedly living modestly in Connecticut. In the end, in addition to Madoff, more than a dozen individuals, including Peter Madoff, were convicted of federal crimes, but none of the others was accused of knowing about the fraud.
After Chase instituted some unspecified reforms, prosecutors dropped charges against the bank. Breeden, special master of the fund. That's a figure normally unheard of in a Ponzi scheme. Many victims were not wealthy, and for many the loss of all or a significant portion of their life savings had a brutal impact. Madoff's fraud is not diminished by his death, nor is our work on behalf of his victims finished," Picard said in a statement Wednesday.
Madoff's stolen funds and return them to their rightful owners. From prison, Madoff repeatedly tried to take credit for the recoveries, claiming he pressured his biggest investors to return some of their money. But Picard and federal investigators said Madoff never provided them any meaningful help. The remorse he claimed in every message was suspect as well. At his sentencing, Madoff turned to his victims. Cheers erupted as federal Judge Denny Chin ordered the maximum sentence for "extraordinarily evil" crimes.
Ross, a former mayor of Fort Lee, New Jersey, who testified at the hearing, told Chin: "Commit Madoff to prison for the rest of his life. May Satan grow a fourth mouth where Madoff can spend the rest of eternity. Madoff and his associates when I say that his passing closes a dark chapter of deception and greed that irretrievably damaged the lives of tens of thousands of victims," said Litt, now in private practice.
Bernard Madoff's former defense attorney, Ira Lee Sorkin, on Wednesday called his death the culmination of "a great tragedy, and there are no winners. He said Madoff was lucid and "sounded good," despite the fact that he was terminally ill. Madoff's attorney in recent years, Brandon Sample, said in an email Wednesday that his client "up until his death, lived with guilt and remorse for his crimes.
Although the crimes Bernie was convicted of have come to define who he was — he was also a father and a husband. He was soft spoken and an intellectual. Bernie was by no means perfect. But no man is.
So one way to look at this is that this is a guy who is still manipulating the system. What kind of personality does it take to run a Ponzi scheme? I think it comes down to conscience, and specifically, to the lack of one. This is somebody who has to divorce his behavior from what he knows would be the consequence of the exposure of his actions. Do you think that a Ponzi-type person believes he has done wrong? Did Ponzi? Ponzi is a different case, because he thought what he was doing at first was possible, plausible, and profitable.
He turned a corner when it turned out to not be workable, and then decided he would keep turning the money from one investor to another. Ponzi also pleaded guilty to federal charges against him to avoid a trial. Is there a lesson in any of this for the rest of us? Ponzi schemes are all different to some extent, but I think underlying all of them is a certain amount of selfishness and greed.
At the same time, we should think about the psychology of the investors. And so we should ask ourselves as well, might some of the responsibility — certainly not as much as belongs with Madoff — belong to those of us who allowed ourselves to be gullible, hoping for better than average returns?
Robin Berghaus can be reached at berghaus bu. Robin Berghaus Profile. Boston University moderates comments to facilitate an informed, substantive, civil conversation. Abusive, profane, self-promotional, misleading, incoherent or off-topic comments will be rejected.
Moderators are staffed during regular business hours EST and can only accept comments written in English. Statistics or facts must include a citation or a link to the citation. I think he should be publicly hung. He has ruined many lives equaling the loss of 63 Billion Dollars. He is a monster. I think greed is only part of the story on Madoff.
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