GREAT NEWS! Criminal, Bernie Madoff just received 150 years. I was actually hoping for 200 years, but I’ll accept the 150. LOL! He was asking for 11 years. Can you believe that?
A federal judge sentenced Bernard Madoff, the convicted mastermind of the largest and most sweeping Ponzi scheme ever, to the maximum sentence of 150 years in federal court Monday.
Judge Denny Chin of U.S. District Court in New York announced the sentence just moments after Madoff apologized to his victims.
Chin said the maximum sentence was important for deterrence, and also for the victims, many of whom erupted into applause after the judge announced the sentence. Many hugged and some of them broke down in tears.
Shortly before he received his sentence, Madoff offered an apology.
“I live in a tormented state for all the pain and suffering I created,” he said. “I left a legacy of shame. It is something I will live with for the rest of my life.”
Turning to face some of his victims, Madoff addressed them directly: “Saying I’m sorry is not enough. I turn to face you. I know it will not help. I’m sorry.”
Madoff said he was not asking for forgiveness and not offering any excuses for his behavior.
“How can you excuse betraying thousands of investors?” he asked. “How can you excuse deceiving hundreds of employees? How can you excuse lying to and deceiving your wife who still stands by you?”
Victims had urged the judge to dole out the stiffest punishment possible. “We implore you to give the maximum sentence at a maximum prison for this deplorable low life,” said one of the victims in court before Madoff spoke. “This is a violent crime without a tangible weapon.”
His apology is FAKE. WHERE IS THE MONEY, BERNIE?
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I’m glad. I thought 11 years was laughable. I’m also glad that the feds seized the $80 million his wife had and was claiming was all hers. Apparently it checked out that a large portion of this money was part of the ill gotten gains of this scheme. She was left with $2.5 million, so she should be happy about that, although she needs to find a new place to live, since the judge ordered their homes be sold to attempt to pay restitution.
He’s just the first of two to three others (Stanford, the guy in NC, and one guy in FL) that should face life in prison for these crimes. This business is hard enough as it is and people like that have helped to make it even hard within the past year.
The judge should have given him life though. I have a VERY strange feeling that this means he could get it reduced later by another judge or be paroled for good behavior. Hopefully I am wrong.
I too have a funny feeling that when the press coverage dies down he will wind up at home with an ankle bracelet.