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11:34 AM EDT Monday, June 29, 2009
| Bernard Madoff Sentenced to Maximum 150 Years in Prison Confessed Ponzi-schemer Bernie Madoff, who swindled investors out of as much as $65 billion, is sentenced to the maximum allowable 150 years in jail. For more information, visit washingtonpost.com Madoff Sentenced To Maximum 150 Years In JailUPDATED at 11:34 a.m.: Confessed Ponzi-schemer Bernie Madoff, who swindled investors out of as much as $65 billion, was sentenced moments ago to the maximum allowable 150 years in jail. U.S. Judge Denny Chin characterized the Madoff scheme as "staggering," CNBC is reporting. Chin said that Madoff did not do all he could do to aid investigators to help them recover swindled money or tell all he knows. Chin said Madoff paid himself at least $250 million according to tax returns. He added that "symbolism" is important in sentencing. He added that he did not receive a single letter from Madoff's friends or family seeking leniency. Chin recounted one letter that strongly affected him. It told the story of a Madoff investor who had died of a heart attack. Madoff, presumably at the man's funeral, put his arm around the the widow and said, "Your money is safe." The widow then gave Madoff more money, all of which is gone. Prosecutors asked for as much as 150 years in jail for Madoff. His lawyer, Ira Sorkin, asked for leniency and a 12-year-sentence for the 71-year-old Madoff. Madoff: 'I Thought I Could Get Out Of it' 11:21 a.m.: Madoff is now making his statement to the court and began by saying: "I cannot offer you an excuse for my behavior,"CNBC is reporting. He said, "I thought I could get out of it. The harder I tried to get out of it, the deeper the hole. I could not accept for once in my life I had failed. I was responsible for a great deal of suffering and pain. I am in torment....This is a horrible guilt to live with." Then Madoff, who had had his back to nine of his victims in the court, turned to them and said, "I am sorry. I know that doesn't help you." He said: "How can you excuse deceiving a wife of 50 years?...How do you excuse deceiving investors and 200 employees" and lying to his sons. "I made a terrible mistake," Madoff said, adding that he "left a legacy of shame to my family and my grandchidren." Madoff spoke for about nine minutes. Madoff Lawyer: I Represent 'Deeply Flawed Character' 11:11 a.m.: Madoff lawyer Ira Sorkin told U.S. District Judge Denny Chin that he (Sorkin) represents a "deeply flawed character" who is nevertheless, "not a number, not a statistic," CNBC reports. He reminded the judge that "vengeance is not a part of punishment." Sorkin said the $65 billion loss quoted in the press is "simply not true" and said it's possible to get $13.2 billion back for investors. Sorkin is asking for 12 years of Madoff. Prosecutors want 150 years. Victim To Madoff: 'May God Spare You No Mercy' 10:39 a.m.: "Do not confuse Bernie Madoff's prepared statement with remorse," victim Tom Fitzmaurice told U.S. District Judge Denny Chin, CNBC reports. Fitzmaurice then turned to Madoff -- whose back is to his victims -- and said: "Madoff, your sons despise you, your marriage is one from hell. May God spare you no mercy." Another victim alluded to Dante's "Inferno" and its three-headed devil, saying: "I hope Satan can grow a fourth mouth for Madoff." Cripes. Victim: I Had To Take Three Jobs After Madoff Swindled Me 10:26 a.m.: The second of the nine swindled victims who has to testify, widow Maureen Ebel, 61, just told the court that she lost her retirement savings and that she's working three jobs to pay the bills. She then turned to Madoff -- who kept his back to her, CNBC reports -- and said: "Mr. Madoff, goodness is something you have been blind to your whole life. Goodness is better than all the yachts and homes you have. Mr. Madoff, I do not believe you." The federal probation department recommends that Madoff get 50 years, Judge Denny Chin said, the Associated Press reports. First Victim: 'We Did Nothing Wrong' 10:21 a.m.: One of the nine victims who has asked to testify, retired corrections officer Dominic Ambrosino, said he remembers the "exact moment" when he understood he lost his investments, thanks to Madoff's big swindle. The former c.o. wondered how he and his wife would pay his bills. "We did nothing wrong," he said, according to CNBC. The network reports that the victims are standing behind Madoff and he has maintained his back to them. Judge To Madoff: I Will Impose 'Reasonable Sentence' 10:14 a.m.: U.S. District Judge Denny Chin told Madoff that would impose a "reasonable sentence," but did not tip his hand to what that would be. He noted that the most serious of the 11 criminal charges Madoff has confessed to carries a sentence of 20 years. Madoff's victims will speak first, then Madoff lawyer Ira Sorkin, then Madoff and finally prosecutors have the last say. Madoff Sentencing Set For Today 8:33 a.m.: Confessed multi-billion-dollar Ponzi schemer Bernie Madoff will be sentenced today by U.S. District Judge Denny Chinin Manhattan. Madoff faces up to 150 years in prison. The hearing is scheduled to begin at 10 a.m. Madoff is expected to speak, and at least eight victims have asked to speak as well. In March, Madoff confessed to 11 criminal charges, including money laundering and multiple counts of fraud. He told his sons in December that his firm, Bernard L. Madoff Investment Securities LLC was a "giant Ponzi scheme" and told FBI agents that he “paid investors with money that wasn’t there.” Madoff is a former head of the NASDAQ. Madoff's lawyer, Ira Sorkin, has asked the judge for a 12-year sentence for the 71-year-old Madoff, saying he deserves leniency for turning himself in, not fleeing the country(!) and cooperating with authorities. But prosecutors don't think Madoff has cooperated enough. So far, only about $1.2 billion of the $65 billion in stolen money and inflated earnings have been recovered. Finding the rest -- there are about 1,300 identified defrauded Madoff victims -- may take years, and figuring out how to do it is the big mystery of the case. As such, today's sentencing represents the best approximation of satisfaction most victims may feel in this case. At least two suicides have been attributed to the Madoff scandal. Investors in Britain and France each took their lives after losing millions in Madoff's hands. Below, I talk about Madoff's sentencing this morning on Washington's Fox affiliate, WTTG-5. |
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