It’s a small consolation really to those who lost their life savings to Bernie Madoff, but atleast it’s something…
Madoff was sentenced today to 150 years in prison “for operating one of the largest frauds in Wall Street history, an operation that ensnared millionaires, private foundations, a Nobel Prize laureate and hundreds of small investors who lost their life savings to an investment guru they had trusted completely.”
In pronouncing the sentence — the maximum he could have handed down — Judge Denny Chin turned aside Mr. Madoff’s own assertions of remorse and rejected the suggestion from Mr. Madoff’s lawyers that there was a sense of “mob vengeance” surrounding calls for a long prison term. Mr. Madoff’s crimes, the judge said, were “extraordinarily evil.”
“Objectively speaking, the fraud here was staggering,” Judge Chin said. “It spanned more than 20 years.”
Jack Healy reports in the NY Times that before Madoff was sentenced he “stood up in a federal courtroom in Manhattan and turned to face the people who lost their life savings to his huge Ponzi scheme. “I’m sorry,” he told them. “I know that doesn’t help you.””
Madoff was sentenced at the end of “an emotional 90-minute hearing in which victims of the $65 billion fraud urged the judge to show no mercy and described how their lives had been upended by Mr. Madoff.”
A friend of mine was a victim of Madoff’s scheme. He didn’t lose everything as some did, yet I know he’s relieved that Madoff at least had the book thrown at him.