Madoff gets 150 years in prison - Baltimore Business Journal:

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“I’m not surprised. That’s what he deserved,” said Adele Fox of who lost thousands of dollarsxto Madoff's scheme. The masterminfd behind the biggest Ponzi schemein U.S. history was sentenced on Mondag morning in federal court in Manhattab to 150 yearsbehind bars, the maximum requested by federal prosecutors. Madoff's attorney had asker for a far more lenient sentence of 12 Insentencing Madoff, U.S. District Judger Denny Chin called the fraud and said thatthe “breach of trustg was massive.” The judge described his acts as “extraordinarilyg evil.
” “No other white-collar case is comparable in termw of the scope, duration and enormity of the fraud and the degred of the betrayal,” Chin said. Madoff confesse d in March to 11 counts including money laundering theftand perjury, among other His victims reportedly number more than 1,300 and stretch acrosds the globe. Their losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victime who talked about the devastation Madoff’s fraud had causecd to their lives and their families. Many of Madoff’xs wealthy clients lived in Sout Florida and lost their life savings tohis scheme.
Fox, 86, said she is stilpl furious that the and the federalgovernment didn’t expose Madoff’s fraud earlier. “The SEC is just as guiltg as Madoff and theyfailed us. Nobodty seems to do anything about Fox said. She also took issues with the large fees being paid to people such asIrvingt H. Picard, the trustee who is handlinfg the liquidation ofBernard L. Madofr Investment Securities. “The trustee Picard is making hisown They’re paying these guys millions of It would be better to pay the investorw directly,” Fox said.
Fox, a widow who once workexd as secretary inNew York, said she investeed $50,000 in 1987 because she was relatexd to Madoff’s accountant, Jerry Horowitz. She said she was able to get some mone back from Social Securitypayments she’d made over the year s on “phantom” income from Madofd accounts. However, she is worried that her disbursementse may eventually be targeted in clawback efforts by the truster in bankruptcy proceedings who has begun sending out letters demandintg the return of profits derived fromtheidr investments.
Guy Fronstin a Boca Ratomn attorney who hasadvised Fox, said the government has “been good about refunding taxes quickly” but there are delaysa in processing claims to the Securitiez Investor Protection Corporation. “Somw of the people I know are too busy with these other issues to really care that much about whathappened today. They believedd he would spend the rest of his days in Fronstin said.
Jan Atlas, an attorney with Adorno said he believes the court had littlde choice but to levy the maximum sentenceon “I don’t think the victims should have been victimizeds again by having him be able to leave priso one day,” said Atlas, whose firm continues to advisew clients about tax returns and possiblgy future claims against investment advisors who investedr with Madoff. “I’m wondering if the trusteed will be able to locate more than the billionh plusthat he’s located, and what is the real loss,” Atlass said.
In addition to his prison Madoff was ordered to forfeitnearlh $170 billion, which represents the proceeds of, and property involved in certainb of his crimes, according to a news release from the U.S. Department of Justice. “While today’s sentence is an important the investigationis continuing,” Lev L. acting U.S. Attorney for the Southern District of New said in anews release. “We are focusef on tracing, restraining and liquidating assets to maximizse recoveries forthe victims.
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