Madoff Sentenced to 150 Years of Prison

Bernard Madoff is going to jail on account of being caught running the largest and longest ponzi scheme in history. A slimmer Madoff, slimmer than the one we first saw in December of 2008, apologized during the court case to nine victims who had trusted him with their money.

“I am responsible for a great deal of suffering and pain. I understand that,” he said, leaning slightly forward over the polished table, his charcoal suit sagging on his diminished frame.

“I live in a tormented state now, knowing of all the pain and suffering that I have created.”

I am sorry,” he said, “I know that doesn’t help you.”

Michael Schwartz, whose money he had invested in Madoff was to sustain his disabled brother, wishes that “his jail cell will become his coffin.”

Giving out the maximum amount of jail time for this particular crime, Judge Chin made known that no friends or family of Madoff had written any letters on his behalf that could attest to him having good character or moral judgement. No members of Mr. Madoff’s immediate family were in court. Also noted in Madoff’s personal statement was acknowledgement of the “legacy of shame” he has created for his family. Federal prison officials still have yet to determine where Madoff will serve his sentence, so Madoff is currently residing in the Metropolitan Correctional Center in Lower Manhattan. Also commenting was Ruth, Madoff’s wife, saying “The man who committed this horrible fraud is not the man whom I have known for all these years. 

Bernie Madoff has now become the Poster Child of greed for this recession. Public outrage for was fuelled by Mr. Madoff’s luxurious lifestyle. Mr. Madoff’s head lawyer believed that victims were seeking “mob vengeance” through the maximum sentence. Judge Chin did not agree, saying “They are placing their trust in the system of justice.” A few former prosecutors called Judge Chin’s decision appropriate, but surprising non the less. “The judge sent a powerful deterrent message and an ominous signal to possible co-conspirators,” said George Jackson III, a former federal prosecutor in Chicago. However, James Cohen, an associate professor of law at Fordham, otherwise. “I don’t think symbolism has a very important part in sentencing,” he said. “I certainly agree that a life sentence was appropriate, but this struck me as pandering to the crowd.”

Even with a smaller sentence, Mr. Madoff expects to “live out his years in prison.”