How Did The Bernie Madoff Situation Get Resolved Did All The Investors Get Their Money Back
NEW YORK (CNNMoney.com) -- 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 appear the sentence simply moments after Madoff apologized to his victims.
Chin, who called Madoff's crimes "extraordinarily evil," said the maximum judgement was of import for deterrence, and also for the victims, many of whom erupted into applause later the judge announced the sentence. Many hugged and some of them broke downwardly in tears.
"The sentence imposed today recognizes the significance of Bernard Madoff's crimes," Lev Dassin, acting U.S. attorney, said in a written statement.
The 150-year sentence is the maximum that federal prosecutors in New York requested, based on the number of Madoff's victims, the amount of money he stole and the extent of the damage he acquired. Approximate Chin said that the Federal Department of Probation had recommended a 50-year sentence.
Shortly earlier receiving his sentence, Madoff offered an amends, which he delivered facing Guess Chin.
"I live in a tormented land for all the pain and suffering I created," he said. "I left a legacy of shame. It is something I will alive with for the rest of my life."
Madoff said he was non asking for forgiveness and not offering any excuses for his beliefs. "How can you excuse betraying thousands of investors?" he asked. "How can you alibi deceiving hundreds of employees? How tin can you excuse lying to and deceiving your wife who still stands by you?"
Madoff and so said, "I repent to my victims. I will turn and confront you lot." Addressing the victims in the courtroom directly, he offered, "I am sorry. I know it will not help you."
Victims had urged the approximate to dole out the stiffest punishment possible. "We implore you to give the maximum sentence at a maximum prison for this deplorable depression life," said one of the victims in court before Madoff spoke. "This is a trigger-happy crime without a tangible weapon."
Many of Madoff's investors were wiped out financially by the scam and sent messages to Judge Chin requesting he spend the remainder of his life backside bars. Nine of the alphabetic character-writers spoke in court Mon.
Speaking on behalf of his wife and looking at Madoff, the same victim said, "I have a marriage fabricated in sky. Y'all have [a] marriage fabricated in hell, and that's where you'll return. May God spare you no mercy."
Through her chaser, Madoff's wife Ruth released a statement regarding her husband, "who stunned usa all with his confession and is responsible for this terrible situation in which so many at present detect themselves."
"I am embarrassed and ashamed," she said, in the prepared argument. "Like anybody else, I experience betrayed and confused. The man who committed this horrible fraud is not the human whom I accept known for all these years."
Madoff, who was stripped of his property in a legal action Friday, confessed on March 12 to running a massive Ponzi scheme. He pleaded guilty to 11 criminal counts, including fraud, money laundering, perjury, faux filing with the Securities and Commutation Commission, and other crimes.
Lawyer Ira Lee Sorkin, who represents Madoff, asked for a 12-twelvemonth sentence. In a letter to the judge, Sorkin explained that his 71-year-old client "has an gauge life expectancy of 13 years" and isn't likely to outlive the requested judgement by more than than a year.
Madoff orchestrated the scam by masquerading his investment firm equally a legitimate business. But the business became a front end for a Ponzi scheme, in which the scammer uses fresh coin from unsuspecting investors to make payments to more mature investors, creating the false appearance of legitimate returns.
Madoff sent statements to victims claiming that their investments had grown several times over, but in actuality he had stolen, not invested, their money. Investigators believe that he had been running his scam since at least the 1980s, bilking thousands of investors until he finally ran out of money in December 2008.
In a $170 billion legal judgment confronting Madoff Fri, the regime announced information technology had seized all of his property in a deal that also forces his wife to give upwardly homes and property worth millions. The value of all the assets will eventually be used to recoup -- or partially recoup -- victims, based on how much they invested in Madoff'south firm.
The Securities Investor Protection Corporation, an organisation that shields investors in brokerage firms, will too pay up to $500,000 for any eligible claimant who lost money to Madoff, based on how much they put in.
Thus far, federal investigators take identified one,341 investors in Madoff's firm, who accept losses exceeding $13 billion. They're still tallying the harm. Victims accept until July two to file a claim with U.S. Bankruptcy Court in New York.
Acting U.S. attorney Dassin said the investigation was standing.
"We are committed to bringing boosted charges against anyone else who bears criminal responsibility," said Dassin, in a written argument. "At the same time, nosotros are focused on tracing, restraining and liquidating assets to maximize recoveries for the victims."
Since March, Madoff has been incarcerated in the Metropolitan Correctional Middle in lower Manhattan, a holding facility for convicts pending sentencing. He will probably exist transferred to a medium-security federal prison, according to prison consultants.
Alan Ellis, attorney and author of the "Federal Prison Guidebook," believes that Madoff will probably go sent to Federal Correctional Plant Otisville or FCI Ray Brook, both in upstate New York, FCI Fairton in New Jersey or FCI McKean in Pennsylvania.
--CNN's Allan Chernoff, Sara Lane, David Brandt, and Brian Vitagliano contributed to this report.
Source: https://money.cnn.com/2009/06/29/news/economy/madoff_prison_sentence/index.htm
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