Madoff Sentenced to Maximum 150 Years

Posted on 6/29/2009 at 8:19 PM - Post Comment

Retribution, deterrence, and symbolism for the victims, said U.S. District Judge Denny Chin, were among the most important factors in his decision to sentence Bernard L. Madoff to 150 years in Gucci prison. The sentence means that Madoff left U.S. District Court in Manhattan on June 29 to face what will undoubtedly be the rest of his life behind bars. As Madoff's lawyer reminded the judge during the proceedings, his 71-year old client would need to live to age 221 to experience a day of freedom. Cheers erupted in the packed IWC watches courtroom and the two overflow rooms when Chin delivered the news. Before the sentence was delivered, nine victims addressed the packed courtroom, describing the financial pain and horror Madoff's Ponzi scheme had imposed on them and their families. Madoff responded to the victims, calling the scheme a "terrible mistake" and a Jaeger LeCoultre"serious error of judgment." "I could not accept the fact that for once in my life, I failed," he said in a monotone, also announcing that his wife Ruth planned to make a public statement. Dressed in the dark suit and tie he had been granted permission to wear for the occasion, he then turned around to face his victims and apologize directly, saying "I'm sorry." After the hearing, Ruth Madoff said she was "betrayed and confused" by her Longines husband's actions. Federal prosecutors had requested 150 years—the maximum term, according to federal sentencing guidelines—after Madoff pleaded guilty in March to 11 counts of fraud, money laundering, theft, and perjury. Madoff—a former chairman of the Nasdaq stock exchange (NDAQ)—and his accountant are the only people thus far Oris to face criminal charges in connection with the fraud, in which an estimated $65 billion was lost. Prosecutors estimate that Madoff's firm collected and paid some $171 billion over perhaps decades of deception.

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