On behalf of Mihalek Law posted in Securities Law on Friday, July 31, 2015.
He pleaded guilty to securities fraud in what has been labeled the Scam of the Century. Our Lexington, Kentucky readers are well familiar with the $65 billion Bernie Madoff investment scandal that rocked the nation. Now Irwin Lipkin — the controller for Madoff’s firm — is pleading for mercy from the court as he awaits sentencing for his crimes.
Lipkin is in poor health, he and family members have told the court, and any prison time would be a death sentence for the 77-year-old. Those who have been victims of securities fraud might well wonder what leniency Lipkin and Madoff showed to the investors who lost their life savings in the notorious Ponzi scheme.
Lipkin pleaded guilty to falsifying records, making false SEC filings and making false statements. He faces up to 10 years behind bars on the charges.
Lipkin’s son, who was also employed by Madoff, pleaded guilty to fabricating records and bank fraud, according to a news report. He received a relatively light sentence after extensive cooperation in Madoff-related prosecutions. His father, who awaits the judge’s decision next week, declined to cooperate.
That decision to refuse to aid prosecutors can also be understood as a refusal to assist victims; those people who poured their savings and trust into Madoff and his Ponzi scheme.
Securities fraud victims often look at the possibility of regaining their losses as an impossible task. But with a team of experienced securities fraud attorneys on your side, it is possible to get both your money back and see justice done. The first step in the process is to speak with an attorney skilled at negotiation, arbitration and litigation.