Bernie Madoff, America’s most disliked investment banker, received a 150-year prison sentence early Monday morning for crimes of fraud, perjury, money laundering and many more. The verdict, which was handed down by Judge Chin, was the maximum life sentence, serving as a guarantee that the 71-year-old Madoff will spend the rest of his life in jail. Which, in the opinion of this blogger, is about all you can ask for.
The man behind what might just be the world’s largest Ponzi scheme, was found guilty of losing the investments of over 1,341 clients and losing over $13 billion. The fraudulent scheme was believed to have begun in the 1980s only to end in 2008, at which time the economic downturn forced his hand.
Madoff’s lawyer, Lee Sorkin, was looking for a 12-year sentence, arguing that Madoff wouldn’t likely live much longer than that anyway, however his request was denied. Also denied was the Federal Department of Probation’s recommendation for a 50-year sentence.
Accepted instead were the incoming letters of unhappy investors who had lost their life savings. A few of these investors even appeared in court to argue for a maximum sentence.
One such investor told the judge, “We implore you to give the maximum sentence at a maximum prison for this deplorable low life.” It appears their request was heard.
All of Madoff’s assets, including his multiple homes, were seized on Friday by government officials.
Comments
Borris
June 29th, 2009 - 11:51:40 AM
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