Judge Throws the Book at Monster Madoff
More News related to General News
- Petrohawk (HK): A Lone Rig Amongst Oil Giants - Dow Jones (XOM, BP, GDP)
- Stock sell-off intensifying now: Dow Down 78, Nasdaq Down 7, S&P Down 8
- Stocks at lows into the close: Dow Down 44, Nasdaq Down 0.53, S&P 500 Down 5
- Goodrich (GDP) Looks to Do More with Less in 2010 (CHK, LINE, RAME)
- Dow Turns Negative Following ISM Non-Manufacturing Data, Nasdaq Up 8, S&P 500 Up 0.17
Convicted scam-artist Bernard Madoff will learn later this morning if he will spend the rest of his life behind bars after stealing billions of dollars from thousands of investors in the largest ponzi scheme ever committed.
Prosecutors have asked for the statutory maximum of 150 years, or a sentence that will guarantee the 71-year-old Madoff will spend the rest of his life in prison. Madoff's lawyer asked for a 12-year sentence, one year short of his potential life expectancy of 13 years, citing his cooperation with regulators.
In March, Madoff pleaded guilty to 11 criminal charges.
On Friday, Madoff agreed to a forfeiture order of more than $170 billion and Madoff's wife, Ruth, also agreed to give up $80 million worth of assets, keeping $2.5 million to live off of.
10 victims of the Madoff ponzi scam will be given the opportunity to speak at the sentencing and Madoff himself will speak to ask the court for leniency.
UPDATE: Victims of Madoff have now testified. Click here to see some stunning comments from the victims.
Here are some comments from the judge after Madoff spoke.
The judge has now given his sentence, imposing the full amount of 150 years.
Stocks Mentioned
Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
