Jun 29th, 2009
$50 billion to 150 years
The saga of Bernard Madoff’s $50 billion pyramid scheme came to a close of sorts in federal court today. U.S. District Judge Denny Chin threw the proverbial book at Madoff with a 150-year prison sentence – the maximum sentence on all 11 charges against him.
The announcement was met with cheers from courtroom spectators, some of whom were his victims.
Madoff’s attorney had sought a 12-year sentence, but Judge Chin was not moved. Said Chin of the sentencing, “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.”