June 29, 2009

Could not have happened to a nicer guy - Bernie gets 150 years

From FOX News/Associated Press:
Madoff Sentenced to 150 Years in Prison
Historic swindler Bernard Madoff was sentenced to 150 years in prison Monday for a fraud so extensive that the judge said he needed to send a symbolic message to potential imitators and to victims who demanded harsh punishment.

Scattered applause and whoops broke out in the crowded Manhattan courtroom after U.S. District Judge Denny Chin issued the maximum sentence to the 71-year-old defendant, who said he lives "in a tormented state now, knowing all the pain and suffering I've created."

Chin rejected a request by Madoff's lawyer for leniency and said he disagreed that victims of the fraud were seeking mob vengeance.

"Here the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Chin said.
And his wife is being classy and bailing:
"I am embarrassed and ashamed," she said. "Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years."
Glad to see him get the sentence he deserves -- there is no way to gracefully back out of a Ponzi Scam. He should never have started it. Posted by DaveH at June 29, 2009 11:03 AM | TrackBack
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