Bernald Madoff Receives Maximum Sentence
Bernard Madoff, the mastermind of what is thought to be the largest Ponzi scheme in history, has been sentenced to 150 years in prison, the maximum allowable under law.
U.S. District Judge Denny Chin imposed the sentence at a hearing in Manhattan federal court today, rejecting Madoff’s claims that he “has done all that he could do or told all that he knows.”
In a statement Madoff said:
“Your Honor, I cannot offer you can excuse for my behavior,” Madoff says. “How do you excuse lying and deceiving thousands of investors. How do excuse lying and deceiving over 200 employees. How do you
excuse lying and deceiving a wife of 50 years, who still stands by you.”
“There’s no excuse for that, and I don’t seek any forgivenenss,” he says. “I live in an almost tormented state now thinking about all of the pain and suffering I’ve created. I’ve left a legacy of shame to my
family and my grandchildren. That’s something I will live with for the rest of my life.”
“People have accused me of being silent and not being sympathetic. That is not true . . . My wife cries herself to sleep at night thinking of all the pain and suffering I’ve caused. She has been advised by my attorneys not to speak, but today she will make a statement. I’d like you all to listen to it.”
♦Wall St. swindler Bernard Madoff jailed for 150 years♦
“The breach of trust was massive—individuals, charities, pension funds, institutional clients—were all repeatedly lied to,” Chin said. “Investors made important life decisions based on these fictitious account statements. Madoff also repeatedly lied to the SEC and other regulators by creating false documents to cover up his scheme.” Read More Here
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Posted by: BBParks
Tags: bernard madoff, madoff, madoff sentence, madoff sentenced, madoff sentencing live, madoff victims
