Archive for June, 2012

Peter Madoff Pleads Guilty But Says He Knew Nothing About A Ponzi Scheme

Peter Madoff, the brother of convicted felon Bernard Madoff, pleaded guilty today to charges but says he knew nothing about the Ponzi scheme that defrauded investors of $20 billion.

The former chief compliance officer of Bernard L. Madoff Investment Securities was in court in Manhattantoday and pleaded guilty to one count of conspiracy to commit securities fraud and one count of falsifying records.

He will be sentenced on October 4 and has agreed to a 10-year prison term. He will remain free on $5 million bail until then.

“I was in total shock,” Madoff said. “My world was destroyed. I lost everything I worked for,” he added.

Read the full article here.

Post Pedophile Scandal, Habbo Hotel Is Opening For Business Again

Sulake, the developers behind the children’s virtual world Habbo Hotel, is preparing to reopen its chatrooms once again after a week in which it was exposed for hosting inappropriate sexual content on the site, prompting the company to close down all conversations — “mute” them in Habbo terminology — while it sorted out the mess.

He also notes that some users have been holding silent candle-light vigils on the site while waiting for it to re-open. Some 60 percent of users on the site are registered to be between the ages of 13 and 16 — although as we pointed out when the story first emerged, it’s quite easy to write whatever age you want at registration.

Read the full article here.

Dramamine

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