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Madoff gets 150 years
Quote:
Madoff jailed 150 years for ‘massive' fraud
Tom Hays and Larry Neumeister
NEW YORK — The Associated Press Last updated on Monday, Jun. 29, 2009 11:54AM EDT
Bernard Madoff has been sentenced to the maximum 150 years in prison for his multibillion-dollar fraud scheme.
U.S. District Judge Denny Chin handed down the sentence in New York on Monday.
Defense attorneys had sought 12 years, while prosecutors wanted the maximum. The U.S. federal probation department had recommended 50 years.
Judge Chin called the fraud “staggering” and noted that it spanned more than 20 years. He says “the breach of trust was massive.”
The 71-year-old former Nasdaq chairman pleaded guilty to securities fraud and other charges in March and has been jailed since.
Victims who lost millions of dollars in the multibillion-dollar fraud perpetrated by Mr. Madoff described their ruined lives Monday to the judge sentencing the 71-year-old former Nasdaq stock market chairman.
Mr. Madoff, wearing a dark suit, white shirt and a tie, sat and listened as emotional witnesses described how he spoiled their security, and they urged U.S. District Judge Denny Chin to send him to prison for life.
“Life has been a living hell. It feels like the nightmare we can't wake from,” said Carla Hirshhorn.
“He stole from the rich. He stole from the poor. He stole from the in between. He had no values,” said Tom Fitzmaurice. “He cheated his victims out of their money so he and his wife Ruth could live a life of luxury beyond belief.”
Dominic Ambrosino called it an “indescribably heinous crime” and urged a long prison sentence so “will know he is imprisoned in much the same way he imprisoned us and others.”
He added: “In a sense, I would like somebody in the court today to tell me how long is my sentence.”
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Madoff jailed 150 years for ‘massive' fraud - The Globe and Mail
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