(Reuters) – Goldman Sachs Group Inc was charged with fraud by the U.S. Securities and Exchange Commission over its marketing of a subprime mortgage product, igniting a battle between Wall Street’s most powerful bank and the nation’s top securities regulator.
Tag Archives: Bernard Madoff
From Courthouse News Service:
A federal judge sentenced convicted Wall Street swindler Bernard Madoff to 150 years in prison for orchestrating the largest and most sweeping Ponzi scheme in history. Scattered applause broke out in the crowded courtroom after the judge issued the maximum sentence to the disgraced 71-year-old.
U.S. District Judge Denny Chin rejected a request by Madoff’s lawyer for leniency and said he disagreed that victims of the scheme were seeking “mob vengeance.”
Chin called Madoff’s crimes “extraordinarily evil,” and said it “was not merely a bloodless crime that takes place on paper but one that takes a staggering human toll.” He said the maximum sentence was important for deterrence.
Bernard Madoff has gone from a $7 million penthouse to a tiny jail cell in Manhattan. Madoff pleaded guilty in federal court Thursday, but implicated no one but himself. Investigators continue to pore over records, trying to figure out, among other things, who helped Madoff engineer the $64 billion fraud that may be the largest in U.S. history. Madoff will be sentenced on June 16.
From Times Online:
President Bush has been forced into an unprecedented U-turn over a pardon he recommended for a convicted fraudster after it emerged that the conman’s father had given a sizeable donation to the Republican Party this year.
Isaac Toussie, who conned hundreds of poor New Yorkers in a 2001 property fraud, was one of 19 people whose names were put forward for clemency by the outgoing President.
But after it emerged that Toussie’s father, Robert, had given $28,500 to the Republican National Committee in April – his first political donation – the Bush Administration did a rapid volte face.
Dec. 17 (Bloomberg) — U.S. Securities and Exchange Commission Chairman Christopher Cox said the agency failed to act for almost a decade on “credible and specific allegations” of wrongdoing by Bernard Madoff, who authorities say bilked investors of as much as $50 billion.
Allegations dating back until at least 1999 “were repeatedly brought to the attention of SEC staff, but were never recommended to the commission for action,” Cox, 56, said in a statement yesterday. He announced an internal probe to review the “deeply troubling” revelations.