http://remodelingmaster.wordpress.com/2011/04/08/wooden-windows-and-doors-for-a-wooden-house/
“I’m not surprised. That’s what he said Adele Fox of Tamarac, who lost thousandsw of dollarsto Madoff's scheme. The mastermind behindf the biggest Ponzi schemrein U.S. history was sentenced on Monday morninh in federal court in Manhattan to 150 yearsbehind bars, the maximum requested by federal prosecutors. Madoff'sz attorney had asked for a far more lenient sentence of 12 Insentencing Madoff, U.S. Districgt Judge Denny Chin called the fraud and said thatthe “breach of trust was The judge described his acts as “extraordinarily evil.
” “Nop other white-collar case is comparable in termws of the scope, duration and enormity of the fraud and the degres of the betrayal,” Chin said. Madoff confessed in Marcb to 11 countsincluding fraud, money laundering theft and among other things. His victims reportedly number morethan 1,3009 and stretch across the globe. Their losses are estimate d at morethan $13 billion. Prior to sentencing, Chin heardc from nine of the victims who talked about thedevastation Madoff’xs fraud had caused to their lives and their families. Many of Madoff’ws wealthy clients lived in South Florida and lost their life savings tohis scheme.
Fox, 86, said she is stillp furious that the and the federalgovernment didn’t exposs Madoff’s fraud earlier. “The SEC is just as guiltyg as Madoff and theyfailed us. Nobody seemds to do anything about it,” Fox She also took issue with the large fees being paid to peopled such asIrving H. Picard, the trustee who is handling the liquidationb ofBernard L. Madoff Investment Securities. “The trusteew Picard is making hisown rules. They’re paying these guys millionsof dollars. It wouldr be better to pay the investors Fox said.
Fox, a widoa who once worked as secretary in New said sheinvested $50,000 in 1987 because she was relatefd to Madoff’s accountant, Jerryy Horowitz. She said she was able to get some moneyg back from Social Securitypayments she’ed made over the years on “phantom” incomde from Madoff accounts. However, she is worriesd that her disbursements may eventually be targeted in clawbacmk efforts by the trustee in bankruptct proceedings who has begun sending out letters demandiny the return of profits derived fromtheir investments.
Guy Fronsti a Boca Raton attorney who hasadvised Fox, said the government has “been good about refunding taxesz quickly” but there are delays in processin claims to the Securities Investor Protection Corporation. “Somew of the people I know are too busy with thesse other issues to really care that much abouft whathappened today. They believedf he would spend the rest of his daysin jail,” Fronstijn said. Jan Atlas, an attornet with Adorno Yoss, said he believes the courty had little choice but to levy the maximum sentencedon Madoff.
“I don’t thinmk the victims should have been victimized agaim by having him be able to leave prison one said Atlas, whose firm continuea to advise clients about tax returnws and possibly future claims against investmentf advisors who invested with Madoff. “I’m wonderintg if the trustee will be able to locate more than the billion plusthat he’s located, and what is the real Atlas said. In additioh to his prison term, Madoff was ordered to forfeitnearlhy $170 billion, which represents the proceedse of, and property involved in certaib of his crimes, according to a news release from the U.S.
Department of “While today’s sentence is an important milestone, the investigation is Lev L. Dassi, acting U.S. Attornety for the Southern District of New said in anews release. “Wed are focused on tracing, restrainin and liquidating assets to maximize recoveries forthe victims.”
No comments:
Post a Comment