Monster Madoff To Die Behind Bars
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Judge Denny Chin threw the book at convicted scam-artist Bernard Madoff, sentencing the man who bilked thousands of investors out of billions of dollars to the maximum 150 years in prison, ensuring the man victims call a "monster" and "a beast" will die behind bars.
In testimony, victims shared tragic stories of how Madoff's scam has changed their lives forever. Many have had to go back to work and drastically change their lifestyles. One woman said she has had to wash her clothes in the sink and scavenge for food in dumpsters. Madoff shattered victims trust.
Madoff spoke on his own behalf saying "I don't ask for any forgiveness" and said he cannot offer any excuse for his behavior. He also said he lied to his brothers, his two sons and his wife. Madoff, who had his back to his victims, turned around faced his victims and said he was "sorry".
While Madoff's lawyer asked for just 12 years and the Probation Board recommended 50 years, judge Chin said because of the breadth of the scam, Madoff's lack of cooperation, his efforts to move millions of dollars just before he was arrested, paying himself over $250 million in recent years, leniency wasn't in order. Chin said the "symbolism" of the 150-year sentence was important.
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.
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madoff
Be aware, there is other "Madoffs" acting right now, who scam the investors and the U.S. legal system should help to find them and put them to court. I hope this will start the move it to this direction.
Trust
This guy helped distroy the fabric of trust foreign countires had in the U.S. Between Subprime, Madoff and Stanford how can anyone trust the U.S. system? A true breakdown and ruin of a once great power.
madoff
There are those who believe Madoff is continuing his scam by claiming none of his family knew of his theft and that by pleading guilty he prevented cross examination of his family members which might well have led to discovery of the billions that have, I believe, gone into his family accounts in some foreign country. Allowing him to plead guilty is a joke and a travesty.
That's not right
why does his wife get to keep 2.5 million while investors eat from dumpsters. Take it all and let her het a job is what I think is Fair.
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investigate others
tina on Jun 30, 2009 06:44 AMthis is not the end of madoff, look through hefty financial institutions and they still exists. people should live by the saying, there's a wolf behind sheep's clothing..and they found out it's true.