Created Sun 14th Dec 2008 4:39pm PST by

curios

WILL Bernard Madoff be found guilty of fraud?

Settled as Yes

Madoff pleaded guilty to all 11 charges which, as clarified in our comments section, counts as being found guilty of fraud for our purposes.
http://news.bbc.co.uk/2/hi/business/7939847.stm
http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal;_ylt=An6ZwswyVkKGPrR0XrZ5L2Ss0NUE;_ylu=X3oDMTI4OHFlYnZqBGFzc2V0A2FwLzIwMDkwMzEyL21hZG9mZl9zY2FuZGFsBHBvcwMyBHNlYwN5bl90b3Bfc3RvcnkEc2xrA2JyZWFraW5nbmV3cw--

Background:

Background: From a Jewish youth charity in Boston to major banks as far afield as Zurich, the list of investors who say they were duped in one of Wall Street's biggest Ponzi schemes are streaming forward.

Around the world, investors who sunk cash into veteran Wall Street money manager Bernard Madoff's investment pool spent the weekend calculating how much exposure they might have. The 70-year-old Madoff, well respected in the investment community after serving as chairman of the Nasdaq Stock Market, was arrested on Thursday in what prosecutors say was a $US50 billion ($A75.2 billion) scheme to defraud investors.

One thing was clear in the fallout from his arrest: The alleged victims span from the super rich, to pensioners and powerful financial institutions, to local charities. Some investors claim they've been wiped out, while others are still likely to come forward.

"There were a lot of very sophisticated people who were duped, and that happens a great deal when you've had somebody decide to be unscrupulous," said Harvey Pitt, a former chairman of the Securities and Exchange Commission, a regulator in charge of monitoring investment funds like the one Madoff operated.

"It isn't just the big investors," he said. "There's a lot of charitable and foundation money involved in this, which is the real tragedy."
http://www.thewest.com.au/aapstory.aspx?StoryName=537619">http://www.thewest.com.au/aapstory.aspx?StoryName=537619<;/a>

Settlement details:As reported by a major mainstream news source.
and to be settled on the court case or extended until the out come of the case

Forecast history %

Yes

90%

10%

Settled as Yes on Thu 12th Mar 12:01pm PST

Activity: H$91,664
Predictions: 73
Comments: 12

Suspend date: Tue 15th Dec 11:59pm PST (3 weeks to go)
Settlement date: Thu 12th Mar 12:01pm PST
Prediction cut-off: Predictions on this question after Thu 12th Mar 7am PST have been voided because they were made after the question could be settled

Initial likelihoods: Yes: 50%

Action history:

Created Sun 14th Dec 2008 4:39pm PST by

curios

Changed Question text Wed 17th Dec 2008 3:08am PST by

bayoubear [Admin]

: show details

... WILL~~-madoff~~ meBernard Madoff be found guilty of fraud?

Changed Description Wed 17th Dec 2008 3:08am PST by

bayoubear [Admin]

: show details

... is the real tragedy." <br~~/> <~~/> <a href="<a href="http:// ... .au/aapstory.aspx?StoryName=537619~~&lt">~~<">http://www.thewest.com.au/aapstory.aspx?StoryName=537619~~&lt</~~<</a>;/a>

Settlement requested Thu 12th Mar 7:17am PST by

coolkraft Level 14, Prophet (H$130,282)

: http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal
madoff pleads guilty; bail revoked

Settlement requested Thu 12th Mar 8:40am PST by

candelario Level 9, Expert (H$9,904)

: http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal;_ylt=An6ZwswyVkKGPrR0XrZ5L2Ss0NUE;_ylu=X3oDMTI4OHFlYnZqBGFzc2V0A2FwLzIwMDkwMzEyL21hZG9mZl9zY2FuZGFsBHBvcwMyBHNlYwN5bl90b3Bfc3RvcnkEc2xrA2JyZWFraW5nbmV3cw--

Settlement requested Thu 12th Mar 9:33am PST by

keyeshoveden [Power User]

: http://news.bbc.co.uk/1/hi/business/7939847.stm

He has certainly pleaded guilty.

Settled as 'Yes' Thu 12th Mar 12:01pm PST by

tisha

: Madoff pleaded guilty to all 11 charges which, as clarified in our comments section, counts as being found guilty of fraud for our purposes.
http://news.bbc.co.uk/2/hi/business/7939847.stm
http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal;_ylt=An6ZwswyVkKGPrR0XrZ5L2Ss0NUE;_ylu=X3oDMTI4OHFlYnZqBGFzc2V0A2FwLzIwMDkwMzEyL21hZG9mZl9zY2FuZGFsBHBvcwMyBHNlYwN5bl90b3Bfc3RvcnkEc2xrA2JyZWFraW5nbmV3cw--

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Predictions (73)

36 weeks ago

simonbourne Level 12, Guru (H$25,877)

predicted Yes (H$20 at 87%)

36 weeks ago

keyeshoveden [Power User]

predicted Yes (H$10,000 at 85%)

36 weeks ago

ianochaye Level 13, Psychic (H$92,834)

predicted Yes (H$1,000 at 81%)

36 weeks ago

candelario Level 9, Expert (H$9,904)

predicted Yes (H$1,000 at 84%)

36 weeks ago

bayoubear [Admin]

predicted Yes (H$1,000 at 78%)

Comments (12)

deanthoreau

You know the old saying: If something sounds to good to be true it is! Not one of the people that invested with Madoff has the right to be mad about anything; they were motivated by greed. Had any of them done their homework this would not have gone on as long as it did! None of them were crying or saying there is something wrong when they were getting the payoffs.

posted 48 weeks ago

curios

dean or should it be the other alaise i agree that's why i created it

posted 48 weeks ago

curios

Up date
http://www.news.com.au/business/story/0,27753,24800760-31037,00.html for all inc dragon

posted 48 weeks ago

curios

there is now some talk of the fed covering all the investor banks and i believe there clients

posted 48 weeks ago

candelario Level 9, Expert (H$9,904)

Does a guilty plea count as conviction?

posted 36 weeks ago

bayoubear [Admin]

A guilty plea should count as a conviction since it is entered as an admission of guilty that eliminates the need for a trial to attempt to convict...it reaches the same basic result as a conviction

posted 36 weeks ago

candelario Level 9, Expert (H$9,904)

True .... but some lawyers might argue that there is a difference:)

posted 36 weeks ago

sqlman [Admin]

...and the sentence is usually far less severe. But is that the final answer? That is, a guilty plea is the same as a conviction?

posted 36 weeks ago

candelario Level 9, Expert (H$9,904)

Lingering question. Can somebody resolve this?

posted 36 weeks ago

tisha

I think comment 6 is the final verdict. It's not legally equivalent (obviously) but that's the ruling the cat ed has made on this question

posted 36 weeks ago

candelario Level 9, Expert (H$9,904)

In the news biz, we never ruled out other options when writing advance stories for the next day. For example, Madoff could die overnight, take his own life, or do an OJ Simpson low-speed chase. Would those scenarios all count as NO?

posted 36 weeks ago

coolkraft Level 14, Prophet (H$130,282)

http://news.yahoo.com/s/ap/20090312/ap_on_bi_ge/madoff_scandal

posted 36 weeks ago

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