Admitting he never even invested his clients' money, disgraced money man Bernard Madoff pleaded guilty today to epic fraud that robbed investors of billions of dollars. Madoff said he merely deposited the money in Chase Manhattan Bank; he faces up to 150 years for securities fraud, perjury and other crimes.
Rising public anger over the mortgage meltdown, Madoff and the latest fraud case allegedly involving Stanford Financial Group has prompted state and federal investigators to pursue more cases of financial fraud.
The New York Times reports that attorneys general across the country have already begun indicting dozens of loan processors, mortgage brokers and bank officers. Last week alone, there were guilty pleas in Minnesota, Delaware, North Carolina and Connecticut and sentences in Florida and Vermont — all stemming from home loan scams, the paper reports.
Read the NYT story here.