Ponzi schemes

Allen Stanford Has No Idea What You’re Talking About

“I didn’t run a Ponzi scheme, I didn’t defraud anybody, and there was never any intent to defraud anybody,” Mr. Stanford, wearing a green prison jumpsuit, told U.S. District Court Judge David Hittner before he was sentenced [to 110 years in prison]. [WSJ]

  • 14 Jun 2012 at 1:28 PM

Bernie Madoff Is Still The King

Though it looked like Sir Allen Stanford might dethrone him with a recommended sentence of 230 years… Read more »

  • 11 Jun 2012 at 2:56 PM

So Allen Stanford Might Be Going Away For A While

U.S. prosecutors have urged a judge to send convicted financier Allen Stanford to prison for 230 years, calling him a “ruthless predator” whose $7 billion Ponzi scheme was among the most egregious frauds ever undertaken. Such a sentence, the maximum recommended under federal sentencing guidelines, would be 80 years longer than Bernard Madoff got in 2009 for his Ponzi scheme, and according to prosecutors reflects Stanford’s place as “among the greediest, most selfish, and utterly remorseless criminals.” Stanford’s lawyers are seeking a prison term of 31 to 44 months for their client, which could result in his immediate release because he has already been in custody for three years, according to the government. [Reuters]

Remember Nevin Shapiro? He’s the guy we named the Greatest Ponzi Schemer of All Time last August, over all other Ponzi schemers, Bernie included. While Madoff would have won if we were judging based on size alone, we weren’t. Shapiro took home the title because 1) with his ill-gotten gains, he made a name for himself in the University of Miami community and 2) he subsequently kicked things up a notch after being sent to jail, where he chose to fuck the Hurricanes’ football program raw, detailing the boatloads of prostitutes he bought for players (“I had the boat for prostitution situations”), the lavish meals he would treat them to at Benihanas, the “hit of the game” (Shapiro “put bounties on specific players, including Florida Gators quarterback Tim Tebow and a three-year standing bounty on Seminoles quarterback Chris Rix from 2002 to 2004, offering $5,000 to any player who knocked him out of a game”) and the dancer he gave $500 to have an abortion after she got knocked up by one of the athletes who he kept in the dark about the pregnancy (“I was doing him a favor–that idiot might have wanted to keep [the baby]“). Anyway, Nevs was pretty, pretty, pretty angry that none of his so-called boys stuck by him after the Ponzi charges came out, hence the disclosing of the hookers, etc and, apparently, he’s not finished letting everyone know how he feels. Read more »

Not sure how many people here know this, but there’s an old saying that when one is running on Ponzi scheme, one needs total focus. It’s a lot of work defrauding investors and while some activities by your staff are tolerable (smoking weed in every corner of the office, as well as the parking garage and the courtyard out back and having sex with prostitutes on the desk), a line must be drawn at those which create unacceptable distractions, like dealing said pot and purveying said prosties. If that doesn’t make any sense or you’re confused at the finely drawn distinction, perhaps convicted Ponzster Scott Rothstein, who was deposed on the matter today, can shed some light. Read more »

Barbara Walters told ABC’s “Good Morning America” on Thursday that she interviewed Madoff for two hours at the prison in Butner, N.C., where he’s serving a 150-year sentence. No cameras were allowed in the prison. Walters said Madoff told her he thought about suicide before being sent to prison, but since he’s been there he no longer thinks about it. Walters quoted Madoff as saying: “I feel safer here (in prison) than outside. I have people to talk to, no decisions to make. I know I will die in prison. I lived the last 20 years of my life in fear. Now, I have no fear because I’m no longer in control.” [AP, earlier]

  • 21 Oct 2011 at 4:08 PM

Bernie Madoff Couldn’t Be Happier Behind Bars

Maybe, you thought, Bernie Madoff wouldn’t like prison. Maybe, you thought, after a life of luxury, living in an 8X10 would cramp his style. Maybe, you thought, that he’d have trouble earning 14 cents an hour sweeping the floors, after spending several decades ‘earning’ millions making fake trades. Maybe, you thought, he wouldn’t take to an environment wherein taking your pants off means open season on your ass, after coming from a work environment where nobody blinked an eye when he regularly “dropped his trou in the office to ensure that the line of his shirt buttons was precisely vertical,” without the slightest threat of attack. Maybe, you thought, he’d be home sick. Maybe, you thought, he wouldn’t make any friends. Maybe, you thought, he wouldn’t get picked by any fraternities during rush. Well, you couldn’t be anymore wrong. Not only is Berns quickly adjusting and joining all sorts of groups, but he’s having the time of his life. Read more »