Thursday, March 12, 2009

Today's Fly Or Die Commerce Report: Madoff's Day Of Reckoning

The money manager who bilked thousands out of billions of dollars appeared in front of a U.S. District Court judge this morning to enter his plea.

Bernard Madoff plead "Guilty" to the 11 charges against him. The charges include counts of: Theft, perjury, money laundering, and fraud.

The 70 year old Mr. Madoff could be sentenced to up to 150 years for his crimes.

After entering his plea, Madoff was immediately jailed. The judge deemed him a flight risk and revoked his bail while he awaits his June 16th sentencing.

It has not yet been formally determined where the billions of dollars that Madoff swindled from his victims has gone; and if any of his victims will get their money back.

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