Monday, June 29, 2009

Bernie Madoff sentenced to 150 Years

The master ponzi schemer got 150 years, in other words, will die in prison.

Bernard Madoff was sentenced Monday to 150 years for the multibillion-dollar fraud scheme he perpetrated.

Before the sentencing, Madoff apologized to his family and to the victims of his multibillion-dollar fraud scheme Monday at a hearing for his sentencing for the investment swindle.

The 71-year-old financier said at the hearing that he “will live with this pain, this torment, for the rest of my life.”

Madoff says that he dug himself “deeper into a hole” as the scheme progressed. He also said he cannot offer an excuse for his behavior.

Attorney Ira Sorkin says the 150 years in prison recommended by prosecutors or the 50 years recommended by the federal probation department are excessive.

Madoff has pleaded guilty to securities fraud and other charges in March and has been jailed ever since.

Earlier, victims of the fraud described their ruined lives Monday to the judge sentencing the 71-year-old former Nasdaq stock market chairman.

Several hundred spectators crowded the courtroom in Manhattan to witness the sentencing of Madoff for the fraud scheme that wiped out fortunes, ruined charities and foundations and pushed some investors to commit suicide. read more here....

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