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Monday, 16 March 2009 02:00

Disgraced financier Bernard Madoff is no longer the accused in one of the biggest swindles in U.S. history. By pleading guilty last Thursday to 11 felony counts in a scheme that bilked investors out of as much as $65 billion, Mr. Madoff stands convicted in the eyes of the law.

He'll be sentenced for his crimes in June and could face as much as 150 years in prison. In the meantime, U.S. District Judge Denny Chin gave the former chairman of Nasdaq a taste of what is to come by sending him to jail.

Applause erupted in the courtroom when the offender was cuffed with his hands behind his back. There would be no returning to his $7 million penthouse to await sentencing.

At 70 years old, Mr. Madoff will probably die in prison. Even so, that isn't sufficient punishment as far as some victims are concerned. Many of those he cheated are calling for Mr. Madoff to go beyond his confession and reveal what happened to the money. Only $1 billion has been recovered so far.

The next stage of the investigation should examine what, if anything, Mr. Madoff's wife, two sons and business partners knew about the scam. It is unlikely that a lone crook was able to pull off a financial deception of this magnitude without help. Even if all guilty parties are brought to justice, it would be only a tiny down payment on all the misery Bernard Madoff has caused.

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