tyb
I do not. do tell….
ty. learn something new everyday.
Madoff customer payout nears $14 billion, as dying swindler seeks freedom
Bernard Madoff’s former customers will soon see their total recovery approach $14 billion, a court-appointed trustee said on Friday, as the dying swindler awaits a decision on whether the U.S. government will support his request to leave prison early. Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, said he has begun distributing $369 million to holders of 854 accounts, bringing the total payout to all eligible customers to $13.93 billion.
The payout, including money committed by the Securities Investor Protection Corp, represents 80% of the $17.5 billion that Picard has said customers lost in Madoff’s Ponzi scheme, which prosecutors have called the largest ever.
Picard said 1,469, or 64%, of the 2,282 eligible customer accounts will have been fully paid following Friday’s payout. Another $2.38 billion has been distributed to customers and other Madoff victims, including schools, charities and pension funds, from a U.S. Department of Justice compensation fund.
Madoff pleaded guilty in March 2009 to 11 criminal counts and has served nearly 11 years of his 150-year sentence.
A lawyer for Madoff requested his “compassionate release” on Feb. 5, saying the 81-year-old suffered from kidney failure and several other serious medical conditions, was confined to a wheelchair, and had fewer than 18 months to live. Federal prosecutors in Manhattan will respond to that request by March 4. Madoff’s victims faced a Friday deadline to comment, and their comments are expected to be made public.
Circuit Judge Denny Chin, who as a federal district judge called Madoff’s crimes “extraordinarily evil” when he imposed the 150-year sentence, will consider Madoff’s request for freedom. Madoff is housed in a medical facility at the federal prison complex in Butner, North Carolina.
He has also asked President Donald Trump to commute his sentence. That request is pending.
https://www.reuters.com/article/us-usa-crime-madoff/madoff-customer-payout-nears-14-billion-as-dying-swindler-seeks-freedom-idUSKCN20M2GE
this guy and associates have/has mucho dirt on the financial system participants-will probably be a situation similar to Blago.
This one needs to fry imo as he lived the 'life' in spite of being a puppet or patsy.
FANGS24 H-53 Sikorsky up from Waco Regional and NW
shorts covering into the close. Typical Friday and after the week's action not a dumb thing either. Always take some off the table when you can.
T-bonds/notes completely shedded today.
I'm guessing that the weekend party out in the Hampton's will have a decidedly somber approach to them..that and a few dogs gonna get kicked. The week prior to FOMC (march mtg) is when it will "hit". week of march 9.