This begs a few questions about our legal system and what we think is justice. When does someone get sentence to 150 years, instead of just saying life in prison? In our system, you commit one crime, you get tried for one crime, but in this case the one crime was ongoing, and produced many victims over years. Is each victim a separate crime or was the Ponsi scheme considered a single crime? When you rob a bank, arn't you robbing everysingle depositer, or just one bank in a single crime? On the other side of the coin, people kill other people and only get a fraction of his punishment. Why wouldn't anyone who took a life get at least 150 years to start with, making 50 minimum before parole hearings? However, it is common to only get something less than 10 yrs, and the most outrageous I recall, was 30 days served on weekends. That was the sentence given to the wife of Andy Williams, who shot and killed Spider Savage the ski champion.
I have no doubt Madoff pleaded guilty to save his wife from prison, who still got to keep the better side of 3 Million dollars. They complained they should have been able to keep something near 60 million. How much of the billions has been recovered or where it is? I havn't watched it that close.
Bernard Madoff sentenced to 150 years in prison
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AP – FILE - In this March 10, 2009 file photo, Bernard Madoff exits Manhattan federal court in New York. A … 1 min ago
NEW YORK – Bernard Madoff has been sentenced to 150 years in prison for his multibillion-dollar fraud scheme.
U.S. District Judge Denny Chin handed down the sentenced in New York on Monday.
The 71-year-old former Nasdaq chairman was arrested late last year after confessing to his sons that his secretive investment advisory business was a "big lie."
He pleaded guilty to securities fraud and other charges in March and has been jailed since.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) — Bernard Madoff has apologized to his family and to the victims of his multibillion-dollar fraud scheme.
The 71-year-old financier said Monday at his sentencing that he "will live with this pain, this torment, for the rest of my life."
Madoff says that he dug himself "deeper into a hole" as the scheme progressed.
Attorney Ira Sorkin says the 150 years in prison recommended by prosecutors or the 50 years recommended by the federal probation department are excessive.
Victims who lost millions of dollars earlier urged a stiff sentence for the former Nasdaq stock market chairman.
Madoff has pleaded guilty to securities fraud and other charges in March and has been jailed ever since