Bernard Madoff To Plead Guilty While Facing Victims In Court

3/08/2009

posted by N. Sioris

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Disgraced financier, Bernard Madoff is expected to enter a guilty plea on Thursday to one of the most monumental Ponzi schemes ever perpatrated. He has been insulated in his luxurios Manhattan apartment, where he has been under house arrest since December.

Before his arrest, the 70 year old former NASDAQ market chairman told an investigator there was "no innocent explanation" and he expected to go to prison.

On Thursday, he is expected to enter a guilty plea in the multi-billion-dollar fraud scheme. U.S. District Judge, Denny Chin invited victims to address the court, setting up an unusual confrontation with the people he is accused of cheating. Prosecutors submitted papers noting that crime victims have the right to be "reasonably heard at any public proceeding in the district court involving a release plea, sentencing, or any parole proceeding."

Mark Seal,of Vanity Fair Magazine provided close up portrayals of several of Madoff's victims in the video clips below as well as in this months' issue of Vanity Fair Magazine. You can read Mark Seal's Vanity Fair article in full here.

The victim's accounts are truly heartbreaking. Bernard Madoff needs to be made accountable to the fullest extent of the law for the devastation that he wrought upon the lives of his many victims.

Reverse Mortgage Could Ease Pain For Bernie Madoff Victims

2/20/2009

posted by N. Sioris

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Each day that goes by we hear more tragic stories of those that have been vicimized by Bernard Madoff - and his $50 Billion Ponzi Scheme that he allegedly mastermined.

The video clip below is one such heartbreaking tale of Ian and Terry Thiermann from California. They lost their entire life savings of seven hundred thousand dollars. Now at age 90, Ian Thiermann has been forced to go back to work. Fortunately, a neighborhood grocery store "created" a job for him as a greeter.


Could A Reverse Mortgage Help Them?

In the video clip you will hear that he and his wife still have a mortgage. With their sudden loss of fortune, one wonders if they have thought about the possibility of taking out a reverse mortgage. A reverse mortgage loan would eliminate their current mortgage balance and leave them mortgage payment free for as long as one or both of them continue to live in their home.

I hope they decide to consider a reverse mortgage as partial help with their monthly budget. It could relieve some financial stress.