AmLawDaily: Bitter Irony that Madoff May Not Go To Jail for Years or Ever

I'm no lawyer. Just a plain citizen. So I sure as heck don't understand how and why Madoff could stay out of jail for years, and maybe forever, after what he did and what he confessed.

Here is just that strange and troubling speculation about the Madoff mess reported at AmLawDaily in their article, "Madoff Mania: Swiss Suits, Spanish Prosecutors, and Possible Pleas" by Brian Baxter. The piece tell us about,
...a report from The New York Times that Madoff's lawyers at Dickstein Shapiro are working with federal prosecutors in Manhattan on hammering out a plea agreement for their client. The development doesn't surprise Bradley Simon of New York's Simon & Partners, who represented James Marquez, cofounder of the now-defunct Bayou Group of hedge funds, in his guilty plea to charges he defrauded investors.

"It would be almost untenable for [Madoff] to go to trial because he's basically confessed," Simon says. "The only option really available to him is to work out a cooperation deal. Madoff is 70-years-old and facing a sentence tantamount to life in prison; the government, particularly the SEC, are trying to play catch up and need [Madoff] to provide a road map as to what went on."...

"They both have a need for one another, and Madoff can tell [prosecutors] who was involved and who did what so they can make an untold number of other cases," Simon says. "So if a cooperation deal were to be reached, it would be mutually advantageous for both sides."

But a cooperation deal would present one bitter irony for the many burned by Bernie Madoff. Given Madoff's age and the fact that's he not currently incarcerated, Simon says a cooperation agreement would likely preclude an immediate sentencing hearing and thus keep Madoff out of prison for years.

"[Madoff] could conceivably not go to jail by the time this whole thing is over," says Simon somewhat incredulously. "Every day he gets older, so while it's not probable, it is possible."

1 comment:

Anonymous said...

What is the purpose of punishing Bernie? If he is to be incerated to protect society, we have justice on Park Avenue.

For those seeking vengeance, Bernie will have difficulty being fitted for bullet proof vests on Saville Row. He will likely never row his "Bull" again.

Deterrence? Learning from Bernie, the next Ponzi could be octogenarian.

All recompense to the victims! They will share in the proceeds from a Madoff bestseller, and Mr. Merkin's long awaited opus on his Yankees and world culture.