Off to pokey for 150 yrs.
Posted on July 14, 2009 at 1:54 pmBernie Madoff has arrived in North Carolina, but not to enjoy the bucolic, mountain scenery. Instead the disgraced investment advisor has been transferred to the federal prison in Butner, which will be his home for quite some time.
Con man Bernard Madoff arrived at the federal prison in Butner, North Carolina, to begin serving his 150-year sentence for fraud and money laundering, a Federal Bureau of Prisons spokesman said.
The agency yesterday transferred Madoff, 71, from a high- security lockup in Manhattan, where he’s been since his March 12 guilty plea, to the federal penitentiary in Atlanta. Madoff left that facility this morning and arrived at Butner shortly after 11:15 a.m., bureau spokesman Greg Norton said.
Madoff will be assigned today to one of five housing units, where he will live in “dormitory style housing,” Norton said. If healthy enough, he’ll be given a job. Norton declined to say whether Madoff may eventually be transferred to another prison. “This is where he’s been designated to be,” Norton said.
Madoff gets the max
Posted on June 29, 2009 at 11:17 amConvicted Ponzi scheme operator Bernie Madoff was sentenced today in New York to the maximum 150 years in prison for operating his $50+ billion fraud according to various news outlets.
Although reports have said that Madoff’s attorneys were recommending a 12-year sentence, the judge was clearly more swayed by nine victims who told the court of how their lives had been affected by the the scam. One woman from Stamford, Conn. has been forced to rely on food stamps and gathering bottles to recycle.
We weren’t crooked… just maybe a little incompetent
Posted on April 30, 2009 at 12:18 pmHighly embattled feeder fund the Fairfield Greenwich Group, co-founded by hometown boy Walter Noel, has fired back over fraud accusations from Massachusetts regulators for its role in the Bernard Madoff debacle.
The company stands by its monitoring of its now-evaporated Sentry funds and claims PricewaterhouseCoopers consistently turned in clean audit reports when it examined them. They claim they were simply duped like everyone else.
However, judging by conversations we’ve had with hedge fund managers who did not invest with Madoff due to his complete and utter lack of transparency, FGG’s chances of convincing the world it was paying close enough attention are not high.
More detail is available here.
Nashville native sued over Madoff role
Posted on April 1, 2009 at 12:20 pmMassachusetts’ securities regulator is taking on Walter Noel and his Fairfield Greenwich asset management business. Noel, a graduate of MBA and Vanderbilt, led an investment team that, over the course of two decades, placed more than $7 billion of client money with Bernie Madoff.
Fairfield kept a database of standard responses for investors who questioned how safe the Madoff funds were, according to the complaint. In one response, Fairfield told concerned investors that Citco, the main clearinghouse for hedge fund transactions, had not been charged with verifying Madoff’s assets, but reassured them that there was adequate due diligence on the Madoff funds…
SEE ALSO: Noel’s assets are now on ice.
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Madoff charged with 11 counts of fraud, expected to plead guilty
Posted on March 10, 2009 at 5:06 pmFrom MarketWatch:
Bernard Madoff confirmed on Tuesday he is set to plead guilty to running a massive Wall Street fraud and prosecutors announced they want him sentenced to 150 years prison.
After months of speculation, Madoff confirmed in court through his lawyer Ira Sorkin that he will plead guilty at a hearing on Thursday. “I think that is a fair expectation,” Sorkin said.
Asked if Madoff, 70, would plead guilty to all 11 counts of fraud, Sorkin told the judge: “Yes your honor.” Prosecutors unveiled the charges at the hearing and said that they carried a maximum prison sentence of 150 years. “There is no plea agreement” for a reduced sentence for Madoff, the prosecutor told the judge.
SEE ALSO:
Sentencing guidelines
Explanation of charges
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VF puts homeboy Noel back in his place
Posted on March 5, 2009 at 1:07 pmWalter Noel, the Nashville native whose high-flying investment firm appears to be the biggest loser in the Bernard Madoff megafraud, gets the full kitty-can-scratch treatment, along with his family, in the latest issue of Vanity Fair. A representative graf:
Several people have observed that, after the Noels got really rich, they began to be perceived as irritating people who were not so welcome in the places where they bought new houses—in Southampton, Palm Beach, and Mustique: the world’s richest and snootiest communities, widely known to be minefields for the socially ambitious.
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