Harrer/Bloomberg
The Daily News reported today that Bernard Madoff, the Ponzi scheme mastermind responsible for $50 billion in investor losses, could receive a 150 year sentence if he is found guilty on 11 criminal counts. Madoff also stands to lose a fortune if the US Attorney’s office manages to win damages in the amount of $170 billion. This case represents the largest financial con in US history.
Today, New Yorker’s shared their opinion concerning Madoff’s impending punishment.
Julia Alvarado, 55, of Jackson Heights Queens said “They should take away all of his wealth and leave him in nothing but his underwear!” She also expressed concern for the victims of Madoff’s crimes who were stripped of their retirement money. Self admit tingly unfamiliar with all the details of the story, Mrs. Alvarado “thought the victims were only wealthy people” and was unaware that the trail of victims reached far and wide, affecting the rich and poor, old and young.
Unfortunately, Madoff was not the only embezzler taking advantage of unsuspecting investors.
Raul Pacheco, 28, of Elmhurst, Queens was nearly convinced by a co-worker to invest in another Ponzi scheme with a small company called Agape Capital. Agape specialized in investing money into building developments and promised it’s investors an attractive return rate. A few months after declining the offer, Mr. Pacheco learned that the same co-worker who brought the investment to his attention had lost $12,000 in investments with Agape. Apparently the company was under investigation and its CEO had been arrested on criminal charges.
When asked his opinion about Madoff’s possible jail time and personal financial liability, Mr. Pacheco had this to say “I think the loss of money will hurt him more.” pointing to Madoff’s elderly age, Mr. Pacheco felt that jail time wouldn’t make up for the last 13 years of swindling. He also said Madoff’s family should not benefit from the profits of criminal activity.
Nothing was said concerning future trial dates. For now, Madoff is allowed to continue living in the confines of his $7 million penthouse.
I’m sure he’s not suffering too much living in his $7 million penthouse. It’s insane how many people have been affected by such schemes. I read somewhere that Madoff pleading guilty but that there wasn’t a plea agreement.
I don’t feel as bad for the rich people who have lost money as I do for the people who lost their life savings and aren’t making millions of dollars. It’s a shame.