They said he faces up to 20 years in prison and a fine of up to $5 million.The Securities and Exchange Commission filed separate civil charges against Madoff."

A person found guilty of five acts shall be punished by imprisonment in the state prison or by imprisonment in the county jail for not more than one year, by a fine of not more than ten thousand dollars ($10,000), or by both that fine and imprisonment.

I told him I'll pass on the prison time.

Nc Mark,I have a friend that does data analysis for the prison system here in California.Recidivism rate is 80-90 % depending on who you ask.70k per inmate PLUS medical costs, (this information is a few years old) in a system where hepatitis.AIDS and TB are rampant.90 some percent of people in prison in California at least, are there for drug related crimes with the attendant drain on court systems, social services etc. tTe cost is staggering and has absolutely no effect on the use of drugs.The largest cash crop in California is green and smells like skunks but it is completely untaxed.

The guy is in Prison, scheduled to get out in a few months.

Foreclosure, Divorce, code violation, prison, etc.

one guy got 5 years in state prison for that little scheme. its a very dangerous model for those with limit money.. just like the other guy said in FLA you can end up in jail.. well you certainly can in Oregon if your scheme was to be a bad boy or girl .

I just wanted to make sure I wasn't about to do something that would land me in federal prison.

Be sure to talk to them about 3% down conventional loans, because FHA loans are notoriously difficult, and sellers will prefer a conventional over an FHA, because the FHA appraisal requires the seller to fix little things like peeling paint, broken window panes, loose handrails, etc. while conventionals typically do not.Some borrowers are approved for a higher loan amount through FHA than conventional, but I believe the MIP is generally higher.Also, this is something your agent should be helping you with.

Mortgage fraud punishable by up to 30 years in Federal prison and $1M in fines.