Bernie Madoff earned $ 710 in prison after being convicted of Pongee fraud

Bernie Madoff will leave the Federal Court of Justice in New York on March 10, 2009.

Jin Lee | Bloomberg via Getty Images

Some may argue that Bernie Madoff was badly overpaid, even for just 24 cents an hour, because he worked well in prison.

Madoff, king of the late Ponzi scheme, who robbed thousands of people for billions of dollars, earned only $ 710 after nearly 3,000 hours of work while serving in a federal prison in North Carolina for 12 years. Before dying of renal failure in April, The newly released record is displayed.

And when he died at the age of 82, Madoff didn’t get in the way of his personal belongings: 8 AAA batteries, 4 paperback books, Casio computer, 4 popcorn packages, 1 ramen soup, 1 box of Gefilte fish. No more.

Prison Bureau Records, First reported Online publishing by The CityAlso, Madoff received a positive review of his generally orderly performance, but at some point the supervisor said he “needed more meticulous supervision” and “less reliable I will clarify that I said.

That was certainly the case when Madoff ran Bernie Madoff Investment Securities in New York. There, for decades he lived a luxurious lifestyle, satisfying his clients with the consistent return on investment in his portfolio.

Those returns turned out to be fake.

In 2008, a federal prosecutor charged Madoff with implementing the largest Ponzi scheme in history. It is alleged that the money from some investors was used to make a profit to others.

Madoff’s sons, Mark and Andrew, had informed authorities that he had confessed to them that his business was a complete fraud.

Madoff was sentenced to 150 years in prison after pleaing 11 people in federal court in Manhattan in 2009.

Mark Madoff committed suicide in 2010 at the age of 46, two years after his father was arrested. Andrew Madoff died four years after lymphoma at the age of 48.

While in prison in Butner, North Carolina, Madoff did an orderly first job in the lockup section dedicated to the education program. He later asked to move to work in the chapel area, the city said in its report.

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Last year, Madoff’s lawyer revealed in court filings that social illness scammers are showing terminal illness with kidney disease. When he asked the judge to allow Madoff’s early release for compassionate reasons.

Manhattan Federal Judge Denitin Shot down the request in June 2020, He points out that Madoff has committed “one of the worst economic times in history” and that “many people are still suffering from it.”

About 500 victims wrote to Chin in opposition to Madoff’s release.

One of Madoff’s victims said, “My husband would be alive today if he had to deal with the stress and emotional despair that almost all of our money lost to our family. I truly believe in it, “written Chin.

In December, the Justice Ministry added up the Madoff Victims Fund Approximately 37,000 people from $ 3.2 billion fooled by Madoff. That amount is more than 80% of the total loss suffered by the victim.

The funds for the fund come from the recovery of assets related to Madoff. The fund plans to eventually return more than $ 4 billion in assets.

Bernie Madoff earned $ 710 in prison after being convicted of Pongee fraud

Source link Bernie Madoff earned $ 710 in prison after being convicted of Pongee fraud

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