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Madoff gets 150-year term for fraud
30.06.09
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International fraudster Bernard Madoff has been jailed for the rest of his life for swindling investors out of billions of dollars.
The 71-year-old was sentenced to 150 years after he, 10 of his victims and lawyers on both sides had addressed the court.
Dozens of those who lost fortunes in his pyramid-based Ponzi investment fraud which lasted decades filled the New York courthouse having spent hours queueing to get seats.
Madoff, a former Nasdaq chairman, pleaded guilty to securities fraud and other charges in March and has since been held in jail.
Victims who lost millions of dollars had described their ruined lives to judge Denny Chin.
Madoff, wearing a dark suit, white shirt and a tie, sat and listened as they described how he wrecked their financial security, and urged he be sent to prison for life.
Madoff's lawyer had asked a judge to give his client 12 years behind bars. Prosecutors sought the maximum 150-year term.
Madoff has already taken a severe financial hit: Last week, a judge issued a preliminary 171 billion dollar forfeiture order stripping him of all his personal property, including real estate, investments and 80 million dollars (£48m) in assets his wife Ruth had claimed were hers. The order left her with 2.5 million dollars (£1.5m).
Before Madoff became a symbol of Wall Street greed, he had earned a reputation as a trusted money manager with a Midas touch. But late last year, Madoff made a dramatic confession: he pulled his sons aside and told them it was "all just one big lie."
In reality, Madoff never made any investments, instead using the money from new investors to pay returns to existing clients and to finance a lavish lifestyle for his family.
