12/14/2010

The many forms of criminal punishment

Barry Madoff's actions not only left him in jail, they also resulted in the suicide of his son. People who worked for Madoff even in relatively low leave positions are having real problems finding new jobs.

Even though Madoff's son turned in his father to the SE, the son couldn't get people to believe that he had nothing to do with his father's fraud. From the WSJ on Madoff's son committing suicide.

The ignominy of the Madoff name would come to haunt Mark Madoff in the two years after he and his brother, Andrew, reported their father to authorities on Dec. 10, 2008. Forty-six-year-old Mark Madoff spent that time trying to convince friends and the public that he was innocent of any wrongdoing during the 22 years he worked alongside his father, who was convicted of running a $20 billion Ponzi scheme.

He would make that point, according to a person close to the matter, as he sent a final message to his lawyer: "Nobody wants to believe the truth. Please take care of my family." . . .


Some unrelated people with Madoff's last name have also suffered because of the fraud done by Madoff.

Al Madoff has been living with his name for 82 years, and for most of that time, he said, his family moniker has been a source of pride. But recently, living openly as a Madoff has become much more complicated.

"You can't imagine what I go through with this name," said Madoff, a retired uniform salesman in Delray Beach, Fla. "I try not to mention it too often, really, because I don't want to get these stares or whatever."

Madoff has no relation to the disgraced swindler Bernard Madoff, currently in federal prison in North Carolina for orchestrating one of the largest Ponzi schemes in history. But the high-profile case and negative publicity surrounding it haven't made life any easier for Al and others who share the same last name. . . .


Low level employees for Madoff who had no involvement with the fraud also can't find jobs.

In the nearly two years he's been out of work, John Kelly has become an expert coupon clipper, reports CBS News business correspondent Anthony Mason.

"Other people are losing jobs for other reasons," Kelly told CBS News. "Mine is just somewhat unique."

Kelly worked for Bernie Madoff. He wasn't a high-level employee. His salary of $125,000 was modest by Wall Street standards, but for almost 10 years, up on the 19th floor of Madoff's firm, he worked on the trading desk as a liaison to brokerage firms.

"I still have nightmares or dreams that remind me of working there," said Kelly.

Kelly isn't sure what to think when people see the Madoff name on his resume.

"I don't know what people think," said Kelly. "I didn't have that kind of a position." . . .

Labels: , ,

0 Comments:

Post a Comment

<< Home