Monday, June 29, 2009

Madoff Sentenced To 150 Years

Bernard L. Madoff, 71 of Manhattan, New York, was sentenced earlier today to 150 years in federal prison for his role in defrauding investors out of as much as $65 billion in the largest ponzi scheme in history. Restitution has not yet been set. U.S. District Court Judge Denny Chin imposed the maximum sentence under federal sentencing guidelines. Madoff's attorneys, who claimed investor losses were only about $13 billion, had argued unsuccessfully for a much more lenient 12 year sentence. The packed courtroom broke out in applause when the sentence was issued. Judge Chin is quoted as saying, "Here the message must be sent that Mr. Madoff's crimes were extraordinarily evil." Madoff briefly faced and addressed the courtroom, which included many of his victims and is quoted as saying, "I'm sorry; I know that doesn't help you."

Read the story here, here and here.

What goes around, comes around...

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