Madoff Heads to Jail

Rest easy, residents of Bernie and Ruth Madoff’s posh Manhattan apartment building. Now admitted criminal Bernard has been ordered to jail immediately. Hopefully he brought his toothbrush in the SUV that took him to court today.

This horrible saga now enters its next phase. Having pled guilty, the parties swear that there is no “deal” in place. But presumably they need his cooperation to find both money and co-conspirators, and presumably they will have to take that cooperation, if it comes, into account when finalizing his sentence, which is slated for June 16..

And what about the family? It appears that wife Ruth is now a “person of interest” in the case. Not clear what will be with Bernie’s brother and two sons who were involved in the business, not to mention his niece who was a senior financial executive in the firm. Remember this is the niece who married an SEC enforcement official (after he left the SEC) who was tangentially involved in one old Madoff investigation.

Let’s hope the prosecutors find and jail every person who knowingly participated in and benefitted from this horrific scam.

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