Bernard: Madoff Sentenced to 150 Years in Jail - 06-29-09

Bernard Madoff gets 150 years in prison for his multibillion-dollar fraud scheme. - June 29, 2009 - 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 US 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. The judge said the estimate that Madoff has cost his victims more than $13 billion was conservative because it did not include money from feeder funds. "Objectively speaking, the fraud here was staggering," he said. Before Chin announced the sentence with Madoff standing at the defense table, wearing a dark suit, white shirt and a tie, and looking thinner than his last court appearance in March. He gave no noticeable reaction when the sentence was announced. He also showed no emotion earlier in the hearing as he listened ...



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