Bernie Madoff Sentenced to 150 Years in Jail

June 30, 2009 by Suzanne Conlon

A federal judge sentenced Bernard Madoff to spend the rest of his life in prison for an "extraordinarily evil" fraud. U.S. District Judge Denny Chin described the toll the multibillion-dollar fraud had on its victims as he sentenced Madoff to the maximum of 150 years in prison.  Such terms are usually only given to terrorists, traitors, and the most violent criminals. There is no parole in federal prison so the 71-year-old swindler will most likely die there.

"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead ... one that takes a staggering human toll," Chin said.

Madoff’s massive Ponzi scheme destroyed the life savings of thousands of people, wrecked charities, and shook confidence in the U.S. financial system. Madoff pleaded guilty in March to securities fraud and other charges.

Last week, the judge issued a preliminary $171 billion forfeiture order under which the Madoffs must sell a $7 million Manhattan apartment where Ruth Madoff lives, a Florida estate and a $2.2 million boat.  The actual loss to investors has been put at $13.2 billion, but the judge said that was a conservative estimate. Madoff told his sons in December it was a $50 billion fraud.

Court-appointed trustee Irving Picard told reporters that he has identified about $1 billion in assets that will be used to pay the claims; he has received an estimated 9,000 claims from his victims. The amount Madoff was ordered to forfeit was equal to the sum that had passed through his investment firm, however, such funds do not actually exist.

Nine of Madoff’s victims testified at the hearing. Some openly wept or raised their voices, labeling Madoff a "monster," "a true beast" and an "evil low-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."