Money Matters, Simplified.
Madoff wins his first fight in prison, gains respect
by Ayurdhi Dhar - October 14, 2009 - comments
Benie Madoff being escorted to prison. In March 2009, Madoff had pleaded guilty to 11 counts of felony
Raleigh, NC, October 14 -- Investment fraud king Bernie Madoff, who has received 150 years of imprisonment in the North Carolina Federal prison, is in the news again. For winning his first prison fight.
According to an eye witness, the argument between Madoff, 71 and another senior citizen in the prison started because of their differing opinions over the state of the stock market. The argument eventually got a little rough towards the end.
The other prisoner shoved Madoff, whose instant reaction was to push the opponent down on the ground. And then he stood over him “red faced and glaring”. The attacker then chose to give up, and left the scene. Apparently, the incident, which occurred near the ball field, has gained Madoff some respect in the prison.
Bernie gets aggressive, makes up later with opponent
“I didn’t think Bernie had it in him,” an unidentified inmate said. “He was really aggressive, and the other guy was in shock that (Madoff) fought back.”
The reports also mentioned that the prisoner and Madoff had evidently made up, and were seen hanging out together the next day.
The U.S. Bureau of prisons has refused to comment of the subject, neither accepting nor denying the reports.
Largest fraud in Wall Street history
George Christin, who incurred a loss of $2.5 million due to Madoff, said that he is truly not surprised by Madoff's crude and aggressive behavior.
“I think what we’re seeing is the unpolished side of Bernie Madoff - the side that led him to do what he did (to investors),” he said.
Christin adds that he does not wish any harm to Madoff in prison.
Madoff’s Ponzi scheme
Madoff, who was the former chairman of National Association of Securities Dealers Automated Quotations (NASDAQ), became famous for a mammoth investment scandal. It was a Ponzi scheme, and reputedly, the largest investment fraud in the Wall Street history.
A Ponzi is a scheme of conducting investment fraud in which the investors are paid back from their own money, or money given by other investors, rather than the profit earned. It is named after Charles Ponzi, who gained notoriety after using this scheme extensively in the early 1920s.
In March 2009, Madoff had pleaded guilty to 11 counts of felony, which he admittedly began in the early 1990s.