Madoff swindled his friends
Tuesday, 30 June 2009
Madoff the Wall Street swindler gets 150 years’ jail
Wall Street swindler Bernard Madoff was handed a 150 year jail term yesterday, the maximum sentence possible for a massive financial fraud that robbed investors of USD65 billion over the years.
Madoff was one of the biggest con artist of all time and there were no fraud case comparable to this.
He attracted investors including celebrities like filmmaker Steven Spielberg and even European royalty with one big lie. He built a powerful Ponzi scheme by using money from new investors to pay old ones.
No one really know how much was stolen but at least USD$13 billion has been traced to more than 1300 customer accounts. At least 2 investors committed suicide in the wake of the scandal.
Madoff said, ” I leave a legacy of shame to my family. I am responsible for a great deal of suffering and pain” the 71year of disgraced financier told the court:” I don’t ask for any forgiveness”
Madoff really had not shown any remorse and one tearful woman wanted him locked up in a cage behind bars for wiping out her lifesavings. She hoped, ‘his prison cell would become his coffin”
Lessons from the Bible:
1Thessalonians 4:6 That no [man] go beyond and defraud his brother in [any] matter: because that the Lord [is] the avenger of all such, as we also have forewarned you and testified.
2Corinthians 13:7 Now I pray to God that ye do no evil; not that we should appear approved, but that ye should do that which is honest, though we be as reprobates.
Romans 13:13 Let us walk honestly, as in the day; not in rioting and drunkenness, not in chambering and wantonness, not in strife and envying.
1Thessalonians 4:12 That ye may walk honestly toward them that are without, and [that] ye may have lack of nothing.
Hebrews 13:18 Pray for us: for we trust we have a good conscience, in all things willing to live honestly.
