Monday, June 29, 2009

Madoff Gets Maximum Sentence for Huge Ponzi Scheme

Jack Healy of The New York Times reports that, a federal judge on Monday turned aside Bernard L. Madoff’s assertions of remorse, calling his investment fraud “extraordinarily evil.” The sentencing came at the end of a 90-minute hearing in which victims of the $65 billion fraud told a packed courtroom that the judge should show no mercy and Mr. Madoff himself stood up from the defense table to acknowledge the damage he had inflicted and express regret.

Madoff's lawyers had asked for only a 12 year sentence, due to the age of Mr. Madoff, claiming that they may only have, statistically, 13 years left to live.

The ruling by judge Denny Chin may feel only like a bandage to the deep wounds that Mr. Madoff has inflicted on his victims.

Madoff Sentenced to 150 Years for Ponzi Scheme

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