In case you missed the news... Bernie Madoff pleaded guilty to 11 charges. He was taken to jail immediately and will likely never leave jail again.
- Count 1: Securities fraud. Maximum penalty: 20 years in prison; fine of the greatest of $5 million or twice the gross gain or loss from the offense; restitution.
- Count 2: Investment adviser fraud. Maximum penalty: Five years in prison, fine and restitution.
- Count 3: Mail fraud. Maximum penalty: 20 years in prison, fine and restitution.
- Count 4: Wire fraud. Maximum penalty: 20 years in prison, fine and restitution.
- Count 5: International money laundering, related to transfer of funds between New York-based brokerage operation and London trading desk. Maximum penalty: 20 years in prison, fine and restitution.
- Count 6: International money laundering. Maximum penalty: 20 years in prison, fine and restitution.
- Count 7: Money laundering. Maximum penalty: 10 years in prison, fine and restitution.
- Count 8: False statements. Maximum penalty: Five years in prison, fine and restitution.
- Count 9: Perjury. Maximum penalty: Five years in prison, fine and restitution.
- Count 10: Making a false filing with the Securities and Exchange Commission. Maximum Penalty: 20 years in prison, fine and restitution.
- Count 11: Theft from an employee benefit plan, for failing to invest pension fund assets on behalf of about 35 labor union pension plans. Maximum penalty: Five years in prison, fine and restitution.
His new living conditions are going to be terrible. Especially from what he is used to.
It's hard not to feel sorry for him, but I think everyone agrees the punishment is just.
This one is definitely not good for the Jews.
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