Bernie Madoff, the man behind the $65 billion Ponzi scheme, and who perpetrated his massive fraud for decades without regulators having any idea, was sentenced to 150 years in prison.
Judge Denny Chin in handing down this symbolic sentence said, “We must send the strongest possible message”. He described Madoff’s crime as an “Extraordinary evil”.
Some nine of Madoff’s victims spoke in the New York court Monday. Victims talked of “losing their freedom”, “having to scavenge in dumpsters” , “working three jobs, having sold all possessions”, and “being abandoned by our government”.
Madoff, 71 years, could face up to 150 years in prison, which is what prosecutors are asking the judge to hand down. Meanwhile, Madoff’s defense lawyer is asking that he be sentenced to 12 years. The Federal Probation Department is proposing that he be sentenced to 50 years.
Madoff told the packed court room, “I cannot offer you any excuse for my behaviour”.
The judge ordered Madoff and his wife Ruth, last Friday to forfeit some $171 billion in assets which included homes, cars, jewelry and bank accounts.
Ruth Madoff gets to keep some $2.2 million, far more than most of the victims.
After the 150-year sentence was handed down, the courtroom which was thick with emotion, terms like ‘beast’, ‘monster’ and ‘stolen trust’ were heard coming from the victims.
Attention now turns to the other people that were involved in this massive fraud.
The victims are pressing for the investigation to continue, as it is the view that Bernie Madoff could not have acted alone.
