Bernard Madoff Sentenced to 150 years

Following the federal sentencing guidelines, Judge Chin sentenced Bernard Madoff to serve 150 years in a Federal prison.

NEW YORK, NY (Catholic Online) - Federal U.S. District Judge Denny Chin referred to the fraud committed by Bernard "Bernie" Madoff as "staggering." He noted from the bench that the "the breach of trust was massive."

His Manhattan courtroom was filled with several hundred people crowded into the sentencing hearing. Some members of the Press were inside. However, the streets outside were also lined with National and International reporters awaiting the result.

Madoff listened as one victim after another told the horror stories of life's savings lost, retirement dreams dashed, families decimated and trust betrayed.

As the Judge prepared to render his sentence for the convicted felon, he gave Madoff another opportunity to express his remorse. The crowd in the courtroom certainly had no sympathy for this man.

The 71 year old Madoff, who pled guilty last March, told his family and those present that he had no excuse for his behavior. He acknowledged that his infamy was progressive and that he had dug himself "deeper into a hole" as his fraudulent ponzi scheme unfolded. Finally he said "I will live with this pain, this torment, for the rest of my life."

The economic consequences were announced last week. The Judge issued a $171 billion forfeiture order to be executed immediately. The effect of the Order is to strip Madoff of all of personal property, real estate, investments, and $80 million in assets which his wife Ruth had claimed belonged to her.

Representatives are now attempting to sell a $7 million Manhattan apartment, $11 million estate in Palm Beach, Fla., $4 million home in Montauk and $2.2 million boat.

Defense attorneys had asked that their client be sentenced to 12 years. The Judge told those gathered in the Courtroom that the federal probation department had recommended 50 years to the Court. The Federal Prosecutors had filed their request with the Court. In that filing they requested that the federal sentencing guidelines be followed, noting that those guidelines allowed a 150-year sentence.

Then, the moment came for Judge Chin to announce the sentencing of this man whose name and behavior has now become synonymous with everything perceived as corrupt in the greed infested actions of some in the investment community in the last decade.

Following the federal sentencing guidelines, Judge Chin sentenced Bernard Madoff to serve 150 years in a Federal prison.

---

'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'