Bernard Madoff jailed for 150 years.Summary: Crooked crook·ed adj. 1. Having or marked by bends, curves, or angles. 2. Informal Dishonest or unscrupulous; fraudulent. crook financier Bernard Madoff has been sentenced to 150 years in prison for swindling investors out of billions of dollars. Crooked financier Bernard Madoff has been sentenced to 150 years in prison for swindling investors out of billions of dollars. The 71-year-old American admitted masterminding a massive "Ponzi" pyramid scheme Pyramid Scheme An illegal investment scam based on a hierarchical setup that relies on new recruits' funding as the source of money, or so-called returns, to be provided to those earlier investors/recruits above them in the pyramid. that duped thousands of investors. Madoff, who previously enjoyed a respected, high-profile Wall Street career, faces the prospect of spending the rest of his life behind bars. He pleaded guilty in a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of court in March to 11 charges of fraud, perjury perjury (pûr`jərē), in criminal law, the act of willfully and knowingly stating a falsehood under oath or under affirmation in judicial or administrative proceedings. and false reporting. The financier, a former chairman of the Nasdaq stock exchange, apologised for his actions, claiming the fraud began in the 1990s in response to the pain of recession. He told the court he was "deeply sorry and ashamed" about his crimes. He said he knew the fraud was "wrong" and "criminal" but added: "I believed it would end shortly and I would be able to extricate myself and my clients from the scheme." As time went on it proved "difficult" and then "impossible" to end, he said. Madoff and his wife Ruth lived a life of luxury, with homes in Manhattan, the Hamptons and Palm Beach, Florida Palm Beach is an incorporated town in Palm Beach County, Florida. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth. As of 2000, Palm Beach had a year-round population of 10,468, with an estimated seasonal population of 30,000. . He was known for his charitable work and until his arrest in December he was seen as a champion of transparency and integrity. His investors included Madoff's friends and neighbours This article is about an Australian soap opera. For other articles with similar names, see Neighbours (disambiguation). Neighbours is a long-running Australian soap opera, which began its run in March 1985. , as well as charities and banks such as HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) and Abbey owner Santander. British businesswoman Nicola Horlick hit the headlines when it emerged she managed Bramdean Alternatives, which had 9 per cent of its funds invested with Madoff's scheme. Independent Television News Limited 2009. All rights reserved. Independent Television News Limited 2009. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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