It’s no surprise, we all knew that Mr. Bernard Madoff would get the maximum sentence of 150 years behind bars, not the 12 years his lawyer was requesting, for bilking and defrauding thousands of investors to a tune of $13.2 billion dollars. Simply, the 71 year old Madoff will die in prison.
U.S. District Judge Denny Chin described the fraud scheme as an “extraordinary evil” and the lengthy prison term was meant to symbolically fit the multi-billion dollar fraud committed on his victims. Mr. Madoff did make a statement at his sentencing hearing apologizing calmly to those in attendance. “i will turn and face you, I’m sorry. I know that doesn’t help you.”
Mr. Madoff’s wife, Ruth, also jumped in on the media frenzy and made a statement that she too was also misled by her husband. “I am embarrassed and ashamed…Like everyone else, I feel betrayed and confused.”
Mr. Madoff claims he was acting alone in the ponzi fraud scheme but law enforcement’s investigation continues and it is more likely than not that at least 10 more people are going to face federal criminal charges. These persons better hire competent counsel experienced in white collar crimes or their sentences may be as severe as Mr. Madoff’s.
Judge Chin indicated he would recommend a prison faciity in the Northeast but explained that it was up to the Federal Prison Officials to determine the exact facility where Mr. Madoff will be housed.
This sentence hearing ends the Madoff saga for now but be rest assured appeals and other motions will be made!
Madoff gets maximum 150 years in prison, North County Times, June 29, 2009