What should the punishment for multi million dollar fraud be?
Again, you are pointing to the amount of money, as if that matters.
If you are in my house, and grab something in front of me, that's going to cause a response.
Fraud, where you voluntarily give your money to someone else, because you didn't double check if they were really a Nigerian prince......
Part of that is on you being stupid...
Nevertheless.... it all depends. Each case of fraud is different. I've always wondered why we don't do what the IRS does. It's true that sometimes the IRS puts people in prison. Absolutely.
However, most of the time the IRS wants to avoid sending someone to prison, because you can't get them to pay the $100,000 in taxes they owe.
So they try and get you to work, and have your wages garnished. I would think that would be a good solution, to have the person work a job, and pay back all the money they defrauded someone out of, plus a penalty, maybe 10% of the amount stolen.
Another option that I've always liked is, having prison labor. Instead of having people work in those hot foundries, maybe have people in prison work in the foundry. Have the money made from the foundry, pay back fraud victims.
I also like physical punishment over prison time. I would prefer we do what Singapore does. They cane people. You go defraud someone, and get 20 hits with the cane. I like that.
I hate fraud as much as anyone else, but the fact is, it simply isn't the same as theft. It isn't. Someone didn't break in your home, your living space, and run off with your stuff after ransacking the place, which is what happened to me.
Fraud at some level, requires that you voluntarily participate.
One of the things that always irritated me about the Bernie Madoff deal, was that all these people started crying big tears all over the place, and you go look it up, they were all wealthy people, that bought him telling them he could guarantee a 10% return per year. Dozens of experts in the field said that was crazy, that no investment can 'guarantee' a 10% return. The best investment on the Earth, can't guarantee a 10% return.
So when you have dozens of experienced long time investors, all warning you that no investment can make that much money, and you say "derp, he promised 10%!" and give him your money....
Like I said, it takes two, to engage in fraud. It's not like Madoff ran into your house, and forced you into his investment scheme.
I'll be far more angry over $20 stolen off my counter top, by some pond scum that broke into my house, than some guy that convinced me he has a sick child, and I gave a $200 for medicine.
And by the way, in some extent I was defrauded once (long story), but I was almost as mad at myself in the incident, as the other person. At least I had to give them credit for coming up with a good scheme to get me to give them money. But some guy just violating my home, or my business, and taking my stuff? Nah, those are rats. I can kill a rodent.