Monster Madoff To Die Behind Bars
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.
Create E-mail AlertRelated Categories
General NewsRelated 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!
