From Courthouse News Service:
A federal judge sentenced convicted Wall Street swindler Bernard Madoff to 150 years in prison for orchestrating the largest and most sweeping Ponzi scheme in history. Scattered applause broke out in the crowded courtroom after the judge issued the maximum sentence to the disgraced 71-year-old.
U.S. District Judge Denny Chin rejected a request by Madoff’s lawyer for leniency and said he disagreed that victims of the scheme were seeking “mob vengeance.”
Chin called Madoff’s crimes “extraordinarily evil,” and said it “was not merely a bloodless crime that takes place on paper but one that takes a staggering human toll.” He said the maximum sentence was important for deterrence.
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Bernard Madoff has gone from a $7 million penthouse to a tiny jail cell in Manhattan. Madoff pleaded guilty in federal court Thursday, but implicated no one but himself. Investigators continue to pore over records, trying to figure out, among other things, who helped Madoff engineer the $64 billion fraud that may be the largest in U.S. history. Madoff will be sentenced on June 16.
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Feb. 11 (Bloomberg) — Bernard Madoff’s wife withdrew $15.5 million from a brokerage account at a firm co-owned by her husband late last year, including $10 million on the eve of his arrest, Massachusetts securities regulators said.
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