Bernie Madoff wants to go home!

I seriously hope that guy gets ass raped in prison. Watching him walk around with that fucking smirk on his face really pisses me off.

I heard an interview with a prison guard on the radio. He sounded like the big guy on "The Green Mile". He said (papaphrasing) " I don't care who he is, he won't get no special treatment in here".

I hope the no good bastard suffers in jail. He must sure be hating life now. Living like a king all these years on stolen dough and now living in what must be total hell for his sorry ass. Let him suffer and feel the pain like his victims.

They should lock up that old hag of his too. She was a part of this without a doubt.

The SEC knew about his bullshit 6-7 years ago. Why did they wait so long?

How do you know the SEC knew about it for that long?

(I haven't been following the case that close...so I'm just asking)

I don't know if it was 6-7 years, but several people had gone to them with "concerns" some time ago. Nobody checked it out.

Well, its been reported in several publications and I saw members of the SEC being questioned by a committee (don't remember which one) on C-Span and they were grilling them about why they sat on their hands for so long when they'd been told numerous times since 2002 about him.

WOW...what a disaster...

Same thing happened here in Utah, there was this ponzi scheme going on with real estate...and multiple people told the Utah Division of Real Estate, and they did nothing.

They keep saying the Madoff deal was the biggest scheme ever. I gotta disagree.

I think that award goes to the whole Attack Iraq thing...

Below is just an excerpt but what a crazy story. My parents lived in Burns at the time and still do and I dated the daughter of Will Brown in the article when I lived there for a short while..man the stuff I heard from when she worked for Jay Hoyt...wow! You can read the whole article here...http://wweek.com/html/leada072899.html

The Great Cattle Caper
The feds admit they've watched Jay Hoyt scam more than $100 million from investors over two decades.
But instead of stopping him, they targeted his victims.

BY NIGEL JAQUISS
njaquiss@wweek.com


Jay Hoyt saw himself a more than simply a cattle breeder. Judging from his marketing brochures, he was a champion of the little guy, a Robin Hood in cowboy boots. Rather than taking from the rich, he would reclaim from the government--legally--what rightfully belonged to the working man. He was, as one brochure put it, "Harvesting Tax Savings by Farming the Tax Code." Specifically, Hoyt sold partnerships through which investors could own a few cows and some ranchland, or as another brochure described it, "Quality Investments for Folks That Dream About Owning a Piece of the Country."

Over 20 years, Hoyt helped an estimated 4,500 people realize those dreams by selling them a slice of the American West. Investors were attracted by the promise of hefty returns (one of Hoyt's partnerships, the Timeshare Breeding Service, promised 24.3 percent returns--tax free) and the security of knowing that they were investing in cattle, one of the world's basic commodities.

Most of all, they were seduced because investing in a Hoyt partnership wouldn't cost them a dime.

Here's how the deal worked: Before an investor gave Hoyt any money, Hoyt would assign the investor a portion of the cattle-breeding operation's expenses. The investor then claimed those expenses as a tax deduction. Hoyt prepared nearly all of his investors' tax returns, which enabled him to assign them sufficient deductions to claim a refund for all taxes paid in the previous three years--in theory, a legal strategy.

When investors got their refund checks, they sent 75 percent to Hoyt and pocketed the rest. Essentially, all the cash that flowed into Hoyt's operations was actually coming from the government--or as Hoyt referred to it, "Sam." In the long run--or so the plan went--the partnership's cows would be sold at a profit.

In communications with investors, Hoyt emphasized that he was an "enrolled agent" of the IRS. Although many say they understood the designation as an endorsement, it simply meant that he was licensed to represent clients in front of the IRS. As head partner and tax preparer, Hoyt tried to ensure he was investors' only source of financial advice. "Out here," he wrote to investors, "tax accountants don't read [cattle] brands and cowboys don't read tax law. If you must have a tax man to give you specific personal advice as to whether or not you belong in the cattle business, stay out."

Almost by definition, those attracted to no-money-down investments were unsophisticated. To find prospects, Hoyt's sales team used direct mailings and cold-calls, targeting people with steady income but little savings, people Hoyt reportedly referred to as "Joe Six-Pack."

Hoyt was creative in his search for investors. In 1989, he needed some new propects and the Oregon High School Rodeo needed money. Hoyt had an idea, recalls former employee Will Brown. He'd let the kids raffle off the use of a new Ford pickup for a year. The plan worked, raising cash and yielding a bucketful of names of potential investors.

Word of mouth proved to be Hoyt's best advertising. For, instance, Ed Van Scoten, a 64-year-old Cornelius resident, heard about Hoyt from his nephew, who had already invested. "Unless people quit eating beef entirely, there's always going to be a need for breeders and ranchers," says Van Scoten, who grew up on a farm and as a boy showed purebred cattle in competitions. "So I thought, let's give it a shot." Convinced he was on to a good deal, he talked his son into investing.

Via folksy newsletters, Hoyt established a close relationship with investors. Every summer, many of them flew into Boise and made the 190-mile drive to Burns for ranch tours and a barbecue at the Harney County Fairgrounds. "There was a lot of trust there," Van Scoten says.

In reality, what investors were buying was a lot of bull.

Elements of Hoyt's partnerships were legitimate: The partnerships owned cows, they owned ranchland and they had a legal right to pass expenses along to investors.

Still, there were questions about issues as basic as the quality of Hoyt's cattle.

Part of the allure of Hoyt partnerships was that the "super-cows" would eventually sell for big profits.

For five years, Mike Schnitker was Hoyt's breeding expert. It was he who reached inside cows to harvest ovaries, extracted bull semen and carried out the artificial insemination. The truth, Schnitker says, is that many of the so-called super-cows were the bovine equivalent of nags. "It was a big ol' joke," he says. In fact, the Hoyts' breeding records were in many cases pure fiction. "I think they were just inventing cows on the computer," Schnitker adds.

Some of the people who lost money are considering suing the SEC for not busting this guy years ago when they were told about it. Another interesting issue is that the government might be going after other investors who actually did make money from Madoff and take the money away. Madoff is offering up his own head but not cooperating with feds. Why would he? He knows he's going to spend the rest of his life in jail no matter who else he rats out. They want his wife and kids too I suspect.

I am wondering who else was involved. I am sure it's more than his wife and sons.

Madoff probaly paid them off..all the politicians are crooks..i don't trust one of them

madoff had some heavy pull for a while...had people killed and shit. you'll see it all soon

another concern is that the people that paid taxes on the phantom profits they made but are now "poofed" want a refund on those taxes they paid...crazy shit but they might be right...maybe.

The government has never been the most cost effective group at running anything, so to hear they sat around and probably spent millions watching a guy rip people off for millions is no surprise to me.

If I find out that Social Security and other things in life are simply big Ponzi schemes, too -

somebody's going to pay, I tells ya.





* Madoff HAD to have had many enablers - they need to be tried, as well.

Worth noting is that some folks, over the years, HAD to have made MAD money off

of Madoff's scheme - for it to be successful. I suppose they'll remain quiet......

i surprised that guy didnt hang himself in his house before the trial! maybe hes a thief and a coward?

The fucker should be made to sell everything his family owns pay it back to the people he ripped off then have him put in with some merciless fags in prison for the rest of his life and without any reading material and never be able to earn a cent again.Dont let him commit suicide its the easy way out.

He taint talkin so dere's gotta be some big wigs in da loop for sure.

Madoff is not the only one involved. He is taking the fall for alot of folks besides himself.