Madoff Fraud Trial Dominates News

Ponzi-scheme perpetrator Bernie Madoff dominated the headlines this week. Madoff plead guilty this week, not amounting much in the way of a criminal defense, to 11 counts of fraud, money laundering, perjury and theft. In all, his “clients” – which included athletes, actors and celebrities – lost $65 billion.

The clients thought they were making legitimate investments. But Madoff had his own ideas. Unfortunately, because of his quick guilty pleas, the true details of what exactly he did with all that money may not be known. He says his family wasn’t involved, but his wife is trying to keep $65 million she says is her own money.

Regardless, he’s headed to prison – a small cell with a toilet, bunk bed and not much else – probably for the rest of his life. But what people really want – answers, their money back – may be gone for good.

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