“We have found no evidence to indicate that securities were purchased for customers’ accounts” for “perhaps as much as 13 years,” said Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC. It was “cash in and cash out,” he said.
This means there are a TON of people who willingly propagated this fraud and are just as much to blame as Madoff himself. It also reinforces the fact the SEC is a pathetic piece of worthless crap. Bernie didn’t run this operation alone and I hope those other poeple invovled get the book thrown at them as well.
Also, the 20 years, $5 million dollar “maxmimum penalty” Madoff is facing isn’t nearly enough. It should be life in a desert tent prison complex plus forfeiture of all personal preprty and a fine that better befits the crime. $5 million fine is a pittance for rich people nowadays.
I say we take the whole SEC and staff of Madhoff’s office and bury them to their necks in the beach at low tide. Then put a camera on it and broadcast the coming of the tide on network TV.
