Madoff gets 150 years for biggest financial fraud
Facebook Twitter google+ RSS Feed

Madoff gets 150 years for biggest financial fraud

Tuesday, 30 June 2009, 02:10 Hrs   |    5 Comments
Printer Print Email Email
New York: Bernard Madoff, the mastermind of biggest financial fraud in American history, was sentenced Monday to 150 years in prison, the maximum sentence possible.

New York Judge Denny Chin said the 71-year-old Madoff's $65-billion financial fraud that affected hundreds investors around the world was "unprecedented in this century".

His victims, nine of whom testified in the New York court ahead of the sentencing, called him a "beast" and "monster" and demanded the maximum punishment. His attorneys had asked for 12 years due to his advanced age.

Madoff in his own testimony said he would "live in a tormented state" for his crime, which cost more than 1,000 investors their life savings or considerable chunk of them.

"I left a legacy of shame for my family and I will live with that for the rest of my life," Madoff told the court.

Turning directly to face the victims present in the court, he said: "I apologize to you, my victims. I'm sorry."

The sentencing, while providing some closure to victims, will still leave many fighting to recover some of their lost money.

That recovery came one step closer Friday when the New York court ruled that Madoff's wife Ruth must give up the bulk of the family's estate.

The family will have to surrender numerous villas, yachts and cars worth $80 million, Judge Denny Chin ruled. She can keep about $2.5 million.

Madoff ran a pyramid "Ponzi" scheme for years, faking earnings by continuously drawing in new investors. The system collapsed late last year when investors began to withdraw funds amid the financial crisis.

Madoff was first arrested in December and pleaded guilty to the crime in March.
Source: IANS
Write your comment now
Submit Reset
Reader's comments(5)
1: This guy had a fraudster written all over him and the name even 'MAD' 'OFF' both are so glaring words of his negativeness and crazy but most cunning he deserves a nobelprize for cheater the best ever lived on the planet our guys still could not see through only. My suggestion to the culprits' wife is to give it up for the poorest of the poor to save thier lives then, the ending at least would be better for him as this cheated amount find a noble cause.
Posted by:solitairebala - 30 Jun, 2009
2: I don't understand ... why do people keep falling in trap of these pyramid schemes ...

Man is a mindless cattle seriously ...
Posted by:ankit - 30 Jun, 2009
3:
In India also many shemes are coming up asking people to invest in similar proposals. From this we Indians should learn something.
ashok Replied to: ankit - 01 Jul, 2009
4: No sympathies for this advanced age person. When he was not ashamed of continuing his illegal activities despite his age, why should one feel bad when he is being sentenced for 150 years. Fitting judgment. I just wish he lived his 150 years and all in prison. Made many a families come to streets this swine.
Posted by:im_xboss - 29 Jun, 2009
5:
i wud rather say him a genius...for befooling that many gaint investors....such fools need to be punished...
ravindra lodhi Replied to: im_xboss - 30 Jun, 2009
SPOTLIGHT