Or maybe good news? It seems they’ll get to enjoy Labor Day weekend before any trouble hits.
Read more and discuss over at Dealbreaker.
Federal Prosecutors May Let Andy And Mark Madoff Enjoy Labor Day Weekend
Frank DiPascali, the former CFO — chief fraudulent officer? — for Ponzi schemer extraordinaire Bernard Madoff, pleaded guilty today to a variety of charges, including securities fraud, falsifying records, and international money laundering.
Read more and comment over at Going Concern.
Guilty Madoff CFO Update [Going Concern]
The long (inter)national Marc Dreier nightmare is almost at an end. He’s been sentenced to 20 years for defrauding his clients and investors. The Wall Street Journal Law Blog reports:
Prosecutors had asked for a 145-year sentence, which harked back to the 150-year sentence U.S. District Judge Denny Chin readily handed down to Bernie Madoff, whose massive Ponzi scheme drained the bank accounts of countless investors. In both cases defense attorneys sought a fraction of that. Dreier’s attorney sought no more than 12-and-a-half years.
But Dreier drew U.S. District Judge Jed Rakoff, who has been highly critical of the length of sentences under the federal sentencing guidelines, particularly in white collar crime cases.
Bernie Madoff gets 150 years, but Dreier only gets 20? Justice may be blind, but she’s certainly not deaf.
Breaking: Marc Dreier Sentenced to 20 Years in Prison [WSJ Law Blog]
Earlier: Is Marc Dreier Almost As Bad as Bernie Madoff?
The federal government seems to think so, based on the sentence they’re seeking. We’re kind of proud that one of our own, a lawyer, can rank up there with one of the greatest swindlers of all time.
And what does Marc Dreier think he deserves? No more than 12 1/2 years, according to his sentencing memo. More details, including excerpts from Dreier’s seemingly heartfelt letter to Judge Rakoff, over at the WSJ Law Blog.
U.S. Seeks 145-Year Sentence for Lawyer in Fraud Case [City Room]
Sentencing Looming, Dreier Asks For No More than 12 1/2 Years [WSJ Law Blog]
Judge Denny Chin said that the sentence was necessary to deter other people from entering into these kinds of schemes.
The Judge apparently said that he was struck that there was no letter written in support of Bernie Madoff. On the other hand, the judge received 141 pages of letters from Madoff victims.
Madoff allegedly said:
They have accused me and my wife of not being sympathetic. She cries every night, I am also tormented.
Umm … crying doesn’t make you sympathetic. I think instead of turning on the waterworks, Madoff should try not stealing billions of dollars.
But Madoff did apparently say: “I am sorry.”
But the pitchfork rally doesn’t have to end here. Next up: what prison will Madoff be heading to? A “club-fed” facility, or someplace where Madoff might expect “more bareback.”
For extensive and ongoing coverage of L’Affaire Madoff, surf over to our sister site, Dealbreaker.
- Andrew Cuomo, Antonin Scalia, Bernie Madoff, Morning Docket, Pornography, Sexual Harassment, Wal-Mart
* United Airlines settled a suit filed by a former pilot, who resigned after repeatedly finding porn in hidden places in her cockpit, including underneath a cap on a safety device called a “stick shaker” (no pun intended). Click to see United’s ridiculous effort to dismiss. [The Seattle Times]
* Attorney General Andrew Cuomo convinced 9 out of the top 10 bonus recipients at AIG to return their bonuses. Who is number 10? [The New York Times]
* Barney Frank called Antonin Scalia a “homophobe.” [The Associated Press]
* It turns out that Madoff has more than $1 billion worth of assets and the french authorities plan to seize his chateau in Cap d’Antibe, France, so maybe his victims can get a time share? No? [The Associated Press]
* A court battle between billionaire Wilbur Ross and hedge fund manager Bruce Rose may be the key to understanding the housing crisis. [Bloomberg]
* A sex-discrimination suit against Wal-Mart reaches the 9th Circuit Court of Appeals today. 200 female employees say women in comparable jobs don’t get paid as much as men. [The Huffington Post]
* Preservationists think a landmark case in Chicago is cause for alarm. [The New York Times]
* Take a look at this legal analysis of the AIG bonus fiasco [The Hartford Courant]
* A new report from the Project for Attorney Retention (sounds like something we can all get behind) shows that it makes better business sense to have attorneys work reduced hours rather than laying them off. [The American Lawyer]
* More drama in the never-ending Minnesota Senate race: Al Franken says Norm Coleman should pay for the costs of the trial if he loses. [MSNBC]
* California’s 1996 ban of affirmative action in education, public hiring, or contracting is being closely considered by the courts. [National Law Journal]
* In spite of the recent blood bath at lawfirms–law school applications are still up. [The Wall Street Journal]
* China fell short of international anti-trust standards, rejecting Coca-Cola’s $2.4 billion bid for Huiguan Juice [Reuters]
* Enough Madoff already. Madoff’s accountant was charged with fraud and surrendered. [abcnews.com]
The T.V. people are saying that there may be a plea deal in the works for Bernie Madoff:
Prosecutors have filed a motion indicating a Bernard Madoff plea deal is in the works, according to the Associated Press.
I hope the deal includes an opportunity for all the people he swindled to slap him in the face. If you charge people for it you could probably get enough for the next bank bailout.
- 9th Circuit, Bernie Madoff, Federal Judges, Morning Docket, SCOTUS, Sexual Harassment, Supreme Court
* Legal experts write a letter to Congress suggesting term limits for Supreme Court justices. [The Washington Post]
* SCOTUS will discuss whether judges should excuse themselves from voting in cases involving big campaign contributors when they hear a case involving a West Virginia judge. [Detroit Free Press]
* 3 jurors who convicted Alfred Trenkler of a bombing that killed a Boston Police officer wrote letters begging the judge for a new trial, after a book about the case convinced them of his innocence. [The Boston Globe]
* Today in Houston, U.S. District Judge Samuel Kent will go on trial, facing accusations that he fondled two female court employees. [The Associated Press]