It's More Than The Money With Madoff's Madness

 

Bernard Madoff

The case of Bernard Madoff and his appalling ponzi scheme hurt many people on different levels. As U.S. government's trustees begin plans to make financial payouts to the victims, albeit inadequate ones, as much of the money was squandered, one is reminded of the terrible personal and emotional toll the case took on innocent people. 

While some feel sympathy for victims in the case, others do not. A few people have stated the victims are rich or greedy and deserved to lose their money to Madoff's mad schemes, but this is not correct. Some of Madoff's victims were charities and middle class folks that were not wealthy.  

The Judiciary Report took a good look at the case and is sympathetic to the victims and here's why. For many, it was more than losing their money. It was having to come out of retirement at an old age, after decades of working hard, to take difficult menial jobs that paid very little, simply to put food on their tables. That seems quite unfair.

For others it was the loss of their children's dreams of going to university, which is sad. For some it was the loss of their business and laying off workers, who depended on their salaries to feed their families. For many it became terrible depression, after being wronged and robbed of all they had worked for in life. For others it is feelings of betrayal at being viciously deceived and defrauded by a man they thought was decent. 

 

Society can do without such behavior and it is sad that there are more Madoffs operating in the financial sector, who have not been caught yet. The Madoff case was more than just money. His conduct destroyed dreams and people's peace of mind.  

 

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Ponzi schemer Bernard Madoff, his brother Peter Madoff and sons Andrew and Mark in 1995

As the New Year begins, after a tumultuous 24 months of ponzi schemers and fraudsters being exposed, with more to come, businesspeople need to take stock and a long look at what has happened to the economy. Ask yourselves, are you raising the next fraudsters. When you teach your kids to be ruthless, heartless and greedy, putting self before all else, what kind of example are you giving them and will it bring them down in the future.

Ponzi schemer R. Allen Stanford

Most families do not start out that way, but wrong turns are made and kids go on to do the unthinkable, damaging many in the process. In an age of greed, it is an easy message to foster, but not the right one. Teach your children the value of hard work, respect, human decency and integrity. Teach them to respect others property and their own and what it takes to lawfully acquire it.

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Bernard Madoff Partly Responsible For Son's Death

Bernard Madoff, Ruth Madoff and Mark Madoff

Incarcerated ponzi schemer, Bernard Madoff, is partly responsible for the death of his son, Mark Madoff, who committed suicide last week. He will not be allowed to attend his funeral, due to prison rules. Mark Madoff was broken under a two year torrent of press and public abuse, over his dad's ponzi scheme that unraveled and was the financial ruination of many, leading to the death of an investor, who committed suicide.

Mark Madoff was used to being treated like a king, with people fawning over them, due to his dad's alleged financial acumen and brilliance, making him the talk of the investment world, but it was all a sham. Mark Madoff could not come to grips with the ensuing fall that made them one of the most hated families in America.

The entire Madoff family denied culpability in their patriarch's schemes, but the Judiciary Report is of the belief they knew what was going on and did very little to restore what they stole from defrauded investors. Case in point, the Madoffs continue to live lavishly and so do the women that married into their families, clinging to investors' money they have siphoned off into private accounts.

Mark Madoff's wife changed her married name and that of their children to "Morgan." Andrew Madoff's wife divorced him the day the scandal broke. She left him, taking $14,000,000 in stolen investor money and continues to live lavishly off the family's sins, while investors suffer.

The Judiciary Report is not a money loving website, but the Madoff case goes beyond wealth. It represents charities helping the community being forced to shutter. It represents kids college tuitions being wiped out. It represents businesses employing hard working people collapsing in bankruptcy, adding to the unemployment crisis.

It represents tired and infirmed elderly investors in their 60s, 70s, 80s and 90s, who should be retired after many years of hard work, having to rejoin the workforce, taking whatever employment they can find, in places such as supermarkets, for paychecks a little above minimum wage, after losing all their money to Madoff. It is completely unjust.

Mark Madoff was said to be in the dark regarding his dad's ponzi scheme, working on the trading desk of the company, but a report released this year revealed, no trades were made. Therefore, how could he not have known something was amiss and the funds his family had been living lavishly on, was apart of an illegal, fraudulent scheme.

The entire Madoff family, heirs and in-laws, must be made to return every single penny of the stolen money and face financial fines. This was not a family born into money. All the funds they are living on stem directly from a criminal ponzi scheme that destroyed many lives.

Many charities, companies and families lost everything. Restitution needs to be made, as much as possible, in light of the fact the SEC and FBI failed miserably, allowing the criminal scheme to run on for over a decade after they were first apprized of its criminal existence. Bribes were issued and taken, people looked the other way and it allowed the ponzi scheme to grow to unprecedented heights, usurping greater funds.

Madoff taught his family greed was the way to prosperity and in the end, it claimed the life of his son, Mark, at the age of 46. Mark Madoff, with $66,000,000 in ponzi scheme money in the bank, committed suicide, under the weight of guilt and shame, using a dog's leash to hang himself in his plush $6,000,000 apartment.

Money is not everything in life and no amount of cash can restore a life lost. Suicide is not the answer and neither is greed. Both have killed many. It is better to be poor and honest, than rich and wicked, as there is no peace or rest for the latter when avarice takes its toll.

"The love of money is the root of all evil" as the Bible states. This case proves it. Bernard Madoff made a deal with the devil for money and destroyed many in the process, only for it to end very badly for him as well.

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Bernard Madoff's Son Dead

Mark Madoff, the son of incarcerated ponzi schemer, Bernard Madoff, was found dead in his $6,000,000 apartment, after committing suicide on the anniversary of his father's arrest. Suicide is not the answer to one's problems in life.

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Police: Madoff associate found dead at bottom of pool

This is a follow up to the September 28, 2009 article titled "Liquidators Hunting Madoff's Millions" which mentioned a "Mr. Picower" and a "Mr. Chase" as two men believed to be in unlawful possession of massive chunks of the Madoff ponzi scheme money. One of the two men has died.

Ruth and Bernard Madoff

Jeffry Picower, a man that unlawfully made $7,000,000,000 from the Bernard Madoff ponzi scheme, was found dead in his pool at his Palm Beach, Florida mansion. Currently, police do not suspect foul play. His lifeless body was discovered yesterday at 1:30PM.

Picower's passing should make it easier for the Madoff trustees to freeze and seize well over $7,000,000,000 from his estate and disburse the liquidated assets to victims of the ponzi scheme.

Picower broke the law and as such, all his assets are liable for federal seizure and liquidation, to repay those that were defrauded in the scam.

Side Bar: I cannot fathom what this man is going to tell God on the other side, regarding why he unlawfully kept several billion dollars of stolen money that plunged innocent, hardworking people into poverty, after they worked hard all their lives to earn said savings. He should have returned the money and asked God for forgiveness.

Madoff's family needs to voluntarily surrender the money they are illegally sitting on, as does "Mr. Chase." Because if any of them suddenly dies, whilst wrongfully retaining the stolen money, their souls will be lost for eternity. You need to ask God for forgiveness and give the money back, as it is not yours. Stop prolonging the victims' suffering, as God will not bless you for it.

Police: Madoff associate Jeffry Picower dies at 67

PALM BEACH, Fla. — Jeffry Picower, a philanthropist accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, was found at the bottom of the pool at his oceanside mansion and died Sunday, police said. He was 67.

Picower's wife, Barbara, discovered his body and pulled him from the water with help from a housekeeper, authorities said. He was pronounced dead at Good Samaritan Medical Center at about 1:30 p.m...

http://www.google.com

Liquidators Hunting Madoff's Millions

Thus far, $1.5 billion dollars has been recovered in the Bernard Madoff case. However, a duo of liquidators is still after Bernard Madoff's millions, in the fallout of the largest ponzi scheme in history.

The liquidators contend there are millions more in hidden assets, belonging to investors that needs to be reclaimed.

Ruth and Bernard Madoff

Madoff's family is breaking the law in keeping many millions in funds stolen from investors. This is referred to as the legal term "Fraudulent Transfers."

The Madoff family is sitting on at least $200,000,000. This money has been used to buy homes and live lavishly at defrauded investors' expense.

Ruth Madoff

Ironically, one of Madoff's sons has the unmitigated gall to claim the family is owed $90,000,000 from Madoff's company.

Madoff's brother, his sons and niece, put very little investment capital into the business, yet reaped hundreds of millions in returns.

The Madoff's Park Avenue apartment in New York

This should automatically qualify them for prison, as who makes that kind of return working at and investing in a business, later unmasked as a ponzi scheme, when they placed so little money into it to begin with.

One of the liquidators' poignantly stated, "If you were those sons and you knew what you knew today, wouldn't you be embarrassed to keep that money. They should give it all back. If they don't give it all back, I think we have an obligation to go get it and take it all back." Indeed.

You need to remember who their dad is - Bernard Madoff. They don't have a conscience or they could not have done this in the first place.

The liquidators are also going after two Madoff investors believed to be in on the scheme, as they took out far more than they put into his company.

An investor named Mr. Picower took $5 billion out of the ponzi scheme and another referred to as Mr. Chase reaped $1 billion.

Under a "Claw Back" clause, the liquidator is entitled to seizing that money. However, there is still $18 billion unaccounted for, which the liquidators believe is hidden somewhere.

As for Madoff's wife, Ruth, who managed his business and personal accounts and spent investor money like it was water, she had to have been aware of the financial discrepancies.

Madoff's homes, boats and all his worldly possessions, down to his mattress, was seized by the federal government, with auctions underway. The liquidation is expected to fetch $50 million dollars.

Ruth Madoff was allowed to keep $2.5 million in stolen funds that came from fleecing investors. However, she has been sued, is currently paying out that money in legal fees and is now in bankruptcy.

She is required to check with the court, when spending anything above $100. In short, she is financially ruined, but her children and brother-in-law are not. However, the liquidators intend to change that, bankrupting them if necessary to get every penny back.

Ponzi schemers and financial fraudsters beware, as this is your future as well.

Trustee Plans to Sue Madoff Family Members for $198 Million

Published: September 27, 2009 - Irving H. Picard, the court-appointed trustee hunting down any remaining spoils of Bernard L. Madoff’s giant Ponzi scheme, plans to sue Mr. Madoff’s two sons, his niece and his brother this week, seeking the return of $198 million....

Mr. Madoff’s sons Mark and Andrew, his brother Peter and niece Shana all were executives with his firm and should have known about the $65 billion fraud that went on for more than 20 years, Mr. Sheehan said.

“Whether or not they have a criminal problem we will pursue them as far as we can pursue them,” Mr. Picard. “And if that leads to bankrupting them, then that’s what will happen.”

Both Mark and Andrew, who have maintained their innocence, are trying to get $90 million they say is owed to them by the their father’s company...

http://www.nytimes.com

Bernard Madoff Auction

Video: Bernie's NY Digs Up for Sale - CBSNewsOnline

The above posted video grants viewers a glimpse into the decadence lifestyle Bernard and Ruth Madoff lived, while fleecing investors out of obscene sums of money, in the worst recorded ponzi scheme in world history, with losses topping $65 billion dollars.

I don’t know what Madoff was thinking, but that’s just it, criminals do not think, they just act on their impulses, no matter who gets hurt. Then, they suffer the consequences.

Madoff beach house

Madoff’s three bedroom, four bathroom apartment, located on New York’s Upper Eastside, was stuffed with expensive antiques, fine art, exorbitantly priced furniture, crystal wear, silver cutlery and costly rugs – all illegally underwritten by stealing investors' money.

Like most criminal enterprises, this tale has come to an ugly end, as the apartment, all its contents, Madoff’s other homes and boats, are tagged for auction to the highest bidder. Madoff gets to keep...nothing.

Take note financial fraudsters who are stealing other people’s money and assets, as this is your future – incarcerated in prison with all your material possessions, intangible assets and all future earnings, auctioned off to pay back the money you stole from innocent people.

The government failed miserably in this case, as proceeds from the Madoff sale, will not cover the financial damages incurred by victims the U.S. regulatory system failed.

Side Bar: did you know that Madoff had a mistress...and he fleeced her out of money as well.

Ruth Madoff Sued

Bernard and Ruth Madoff

Ruth Madoff, the wife of incarcerated ponzi schemer, Bernard Madoff, has been sued by a trustee, seeking $45 million dollars in damages, for defrauded investors.

Ruth Madoff, was allowed to keep $2.5 million as apart of a plea deal her husband struck with the federal government, in exchange for a confession.

However, that money is set to be wiped out via legal fees and judgments, from lawsuit after lawsuit, filed by fleeced investors. I think it is just desserts, as the Madoffs unlawfully lived lavishly off the proceeds of financial crimes. Investors should also sue Madoff's sons and their wives and ex-wives, who pocketed millions in fraud money.

Ruth Madoff sued for $45 million

Last Updated: July 29, 2009: 3:13 PM ET - Court-appointed trustee claims Ruth Madoff has $44.8 million and wants her to turn it over for victims. Her lawyer says suit is 'perplexing.'

NEW YORK (CNNMoney.com) -- Ruth Madoff, wife of imprisoned Ponzi schemer Bernard Madoff, was sued Wednesday by a court-appointed trustee seeking $45 million in funds to compensate victims.

Last month, federal authorities seized the Madoffs' assets but left Ruth Madoff with $2.5 million -- an amount they could not tie to her husband's massive and long-running Ponzi scheme.

But Irving Pickard, the trustee appointed by U.S. Bankruptcy Court in New York, said that Ruth received $44.8 million in "fraudulent" transfers during the six years leading up to the bankruptcy of her husband's investment firm.

"While Madoff's crimes have left many investors impoverished and some charities decimated, Mrs. Madoff remains a person of substantial means," Pickard wrote in the suit. "The inequity between Mrs. Madoff's continuing financial advantages and the economic distress of Madoff's customers compels the trustee to bring this action."

Ruth Madoff's lawyer described the trustee's lawsuit as "perplexing" and unwarranted...

http://money.cnn.com

Ruth Madoff Kicked Out Of Penthouse

Video: Feds Seize Madoff Penthouse, Wife Leaves - The Associated Press

The lavish lifestyle, Ruth Madoff, the wife of ponzi schemer, Bernard Madoff, once enjoyed, is now over. She has been forced to vacate their $11,000,000 penthouse in New York, as it was seized by the federal government.

She was allowed to keep $2,500,000, thanks to the deal he cut with the government, but if it is taxable, a good chunk of it will be gone.

Ruth and Bernard Madoff

I do not think it is right she was allowed to keep that much money, when many defrauded investors will not get that much back from the government. That is an injustice. She should also be behind bars, as she controlled Madoff's accounts during the ponzi scheme.

It is my hope the federal government went over the assets of Madoff's children, their spouses and his grandchildren, for money that was illegally passed to them. They should not be allowed to keep those millions, especially his daughter in-law, who received a huge lump sum, divorcing Madoff's son, two days before Bernard turned himself in.