Bernie Madoff Given 150-Year Sentence
Bernie Madoff, 71, didn’t show any emotion when the judge ordered him to serve the rest of his life in jail on Monday. The businessman was given a 150-year sentence after defrauding investors of $13 billion at least. He listened expressionless as US District Judge Denny Chin rejected a claim by his lawyer that the victims of Madoff’s massive Ponzi scheme wanted mob justice. Madoff rose and braced himself against the table while the judge gave him the sentence.
Chin told Madoff that his financial crime was merely bloodless, occurring on paper, but it was a crime that has taken a staggering toll. The breach of trust on Madoff’s part was massive, Judge Chin added.
In March, Madoff admitted to defrauding investors of billions of dollars over a 10-year long scheme. Prior to the Ponzi scheme being revealed, he had told clients that they had up to $65 billion invested. So far, only $13 billion in losses have been identified by prosecutors.
Nine of Madoff’s had victims told the judge how their lives had been devastated. After the victims spoke, Madoff addressed the court, which held some 250 people, saying that he lives in a tormented state and will live with the pain for the rest of his days. He knows he did a lot of harm, he added, but there isn’t anything he can say to correct it.
Since he gave his guilty plea, Madoff has been sitting in jail, and none of his family members appeared in court during the sentencing to lend their support. Hundreds waited outside the courthouse in a crowd as the sentence was announced, while the courtroom erupted in shouts and applause after the announcement was made.
Comments
Got something to say?