Madoff Attorney: I'd Do it Again

Ira Sorkin would totally stand up for the Master de Ponz all over again because he's solid like that:

"Absolutely," says Ira Sorkin, who vigorously argued for leniency on behalf of his client only to see him sentenced last week to a 150-year prison term for running a $65bn Ponzi scheme that devastated thousands of lives. "I believe in the constitution and the bill of rights and as a defence attorney I play a role in preserving the system of justice," he says.

Whoa, we got a cock-eyed idealist here! Mentioning the Constitution and the Bill of Rights. Appealing to the American ideals on 4th of July weekend...Not terribly original but still well played, counselor.

On that same nationalistic front, we would argue that Americans (particularly those that were ripped to the tune of $65 Billion) also crave vengeance, hence making Sorkin the target of "death threats and 'constant' hate mail".

So, yeah, not what we would call an easy task for any advocate. Keep fighting the good fight, I. Sork, for every Bernie Madoff, there will have to be an Ira Sorkin. Plus, the exposure's not bad either.

Madoff lawyer says he would do it all again [FT.com]

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Stanford to Stay in Jail and Get Pumped While Awaiting Trial

A federal judge on Tuesday ruled that Sir Allen Stanford, the Texan businessmen indicted on 21 counts relating to an alleged $7bn Ponzi scheme, will have to remain in custody until his trial. The judge, David Hittner, agreed with prosecutors who had argued that the financier was a "serious flight risk" and could not be relied upon to appear in court if granted freedom on bail.

Stan the Man and his guns show would never think of going on the lam but if that's the way you want it judge, fine. He'll show those Texas cons how to win new clients pump some iron and then he'll have his day in circus court.

[The Stanford Series] Judge rules Sir Allen Stanford must stay in jail pending trial [FT Alphaville] Sphere: Related Content

Madoff Sentencing Happening Circa Now!

Ten victims are expected to speak at the sentencing today and the Master de Ponz is expected to speak as well.

It's been a pretty entertaining 7 months since this whole movie of the week started back in December and this will effectively be the conclusion to a story that has involved rub n' tugs, humiliated rich wives, and a request for a 12 year prison term for ripping people off for an amount somewhere between $50 and $1 gajillion.

While you're waiting for the sentence to come down, jump over to DealBreaker and guess what the Bernster's sentence will be!

UPDATE, 9:42 MDT: Sentence of 150 Years. Ouch. Bernard Madoff Sentenced to 150 Years for Epic Swindle [Bloomberg] Sphere: Related Content

Picture of the Day: Ruth Madoff on the F Train

Photo courtesy of the New York Post. Go there for a larger photo and to read the encounter the photog had with Queen de Ponz. Sphere: Related Content

Stanford Pleads Not Guilty

"Texas financier Allen Stanford pleaded not guilty on Thursday to federal criminal charges that he masterminded a $7 billion fraud." Silver lining: He looks pretty good in orange.

Turning to the sauce (but now on Ativan) to cope with the possibility of going to hell if he's wrong? Guilty as charged.

Allen Stanford pleads not guilty to fraud charges [Reuters] Sphere: Related Content

Madoff's lawyer asks for 12-year prison term

From the AP:

A lawyer for Bernard Madoff has told the judge who will sentence the disgraced financier that a prison term of 12 years would be fair.

Attorney Ira Sorkin says such a sentence will not disproportionately punish his client compared to other white collar criminals.

Federal Judge Denny Chin is scheduled to sentence Mr. Madoff next Monday.

The 71-year-old Madoff pleaded guilty March 12. He admitted operating a massive Ponzi scheme. He faces up to 150 years in prison.

Dozens of Mr. Madoff's victims have already urged the judge to make sure Mr. Madoff spends the rest of his life in prison.

Mr. Madoff has been jailed since pleading guilty to 11 felony counts including securities fraud and perjury.

Complete and utter outrage to ensue in 3...2...1... Sphere: Related Content

Please Let There Be a Media Circus of a Trial. PLEASE

Obviously, our favorite news of the day is the surrender of everybody's second-favorite Ponzi mastermind, Allen Stanford.

Stan-the-Man trumps Bernster in our minds for one key reason however: constantly maintaining his innocence. It's one thing to tattoo "fuck it" on your forehead and quite another thing to say, "you all can get fucked".

Stan has already promised to jump into the lake of fire if his business is a Ponzi scheme and has been itching like Courtney Love to turn himself in, so we can get this show on the road.

But his attorney has made the strongest argument:

"'Allen Stanford was not running a fraudulent operation,' Mr. DeGuerin said. He added that, 'the S.E.C. has done more damage to Stanford investors' than Mr. Stanford could have possibly done himself."

Gotta say, the man may have a point.

Regardless, here we are, we've got our big Texas showdown. Between the drug informants, money laundering, and some strange methods of attracting investors, we're watching this one until the bittersweet end.

Texas Financier and Antiguan Official Indicted in Fraud [New York Times]

UPDATE: Dude is appearing in court, circa now.

UPDATE 2, 2:33 MDT: DealBreaker. Possible 375 years. Meh. Sphere: Related Content

Grant Thornton is Right in the Middle of this Whole Mess

Grant Thornton's UK office is neck deep in this whole Madoff Ponzi seized assets shitstorm drama. They're currently battling in bankruptcy court with Irving Picard, the trustee overseeing the liquidation in the U.S., to see if they can grab every nickel they can. Sounds like things were semi-cool but then this happened:

"The dispute between the two sides has escalated after GT liquidators seized a vintage Aston Martin worth $235,000 (£145,000) earlier this year which had been bought through Madoff’s UK operations."

A six figure car will get some attention regardless but we're talking about Madoff victims here. Picard is already getting sued by the victims so if he lets GT get their mitts on this little baby, there's really going to be hell to pay.

GT liquidators in US court battle for Madoff assets [AccountancyAge] Sphere: Related Content

You Know, Pleading Guilty and Getting the Whole Thing Over With Just Isn't That Fun

Allen Stanford's attorneys are having a conniption over the $20M fee that the case's receiver is charging for attorneys, a PR firm, and forensic accountants.

At first glance, one would think that $20M is no big whoop, but the SEC and the court-appointed examiner have even complained about the tag.

The slime that is all over this thing is ridiculous. Greed. Drugs. Texas. Awesome.

Stanford lawyers blast receiver's $20 million request [Reuters]
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Yawn.

In, is there anyone out there that hasn't gotten ripped off yet, news, a Philadelphia fund manager has pleaded guilty to operating an $80M Ponzi scheme.

Joseph Forte spent $20M from 1996 to 2008 and judging by the amounts involved, just wasn't trying very hard.

Fund manager admits to $80M Ponzi scheme [Miami Herald]
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