His name now part of the recession dictionary but that would all be the glory accused swindler Bernard L. Madoff. Those who have no idea who he is, Madoff was former NASDAQ stock market chairman and founder of Bernard L. Madoff Investment Securities – a comapany that electronically matched buy and sell orders.
Many consider his scam of using new investment money to fund other gains for other clients as one of the contributors to the economic crunch.
One of his lawyers told CNN that he will plead guilty to 11 counts. This would bring a sentence of 150 years of jail time. Madoff, 70, will be spending the rest of his days in lockup if his lawyers would not be able to settle with a plea which is highly unlikely according to prosecutors.
Madoff’s scam ran for nearly 20 years. As of the 30th of November 2008, his company was in charge of $64.8 billion from 4,800 client accounts.
