Ponzi scheme mastermind Bernard Madoff won’t be able to get out of a jail with a payday loan if U.S. prosecutors have their way. For those who think that a payday loan is cheating consumers, try Mr. Madoff on for size. The loan product is a useful tool that the media constantly misrepresents, at the command of their banking masters. Madoff is another kind of tool…
NEW YORK - JANUARY 5: Bernard Madoff
They want to revoke his “Get out of Jail Free” card
Actually, they asked a judge to revoke bail because they’re concerned that the slippery investment banker will flee the country. The presiding magistrate has not made a decision as of this writing.
Currently, Madoff is under 24-hour-per-day house arrest and video surveillance in his Manhattan, New York apartment. He is accused of running a scheme over many years that stole $50 billion from banks, charities, funds and investors across the globe. FBI reports indicate he has admitted to the fraud.
Despite the fact that the judge has ordered Madoff’s assets frozen and placed his firm in receivership, Madoff has allegedly been caught transferring personal assets. His lawyer, Ira Sorkin, claims that Madoff is not a flight risk and that they were “trying to have the valuables returned.”
Madoff and his wife, Ruth, have surrendered their passports to authorities and pledged three properties worth millions of dollars as collateral.
Really, Bernie?
Currently Madoff’s bail is $10 million. Considering the $50,000,000,000 heist he perpetrated, he wouldn’t have much trouble paying that paltry sum. If his bail is revoked, however, he’ll be stuck in New York, where he will face the music for his crimes.
If you have to face the music during a small-scale financial emergency, keep in mind that a payday loan can help you. No scams, no house arrest and no Ponzis. Consumer loans are fast, convenient and entirely discreet.
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I can’t imagine how he was able to continue to defraud investors for so many years without detection. Great article.
How does some one get away with this undetected for so long? Amazing really…
why dont we all just break the rules and get rich… lock them up!