InfoAnda - Madoff Sentenced To 150 Years In Jail For Massive Ponzi Scheme

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat --- Advertisment --- Madoff Sentenced To 150 Years In Jail For Massive Ponzi Scheme June 29, 2009 12:31 p.m. EST --- Advertisment --- Mitchell Jaworski - AHN Reporter New York, NY (AHN) - Bernard Madoff was sentenced to 150 years in prison on Monday for defrauding thousands of investors with a massive multi-billion dollar Ponzi scheme. The sentence given by U.S. District Judge Denny Chin was the maximum available and is inline with what prosecutors had hoped for. The 150 year prison term is the accumulation of maximum sentences on each of the 11 fraud charges Madoff had pled guilty of. Monday's sentencing was the first time Madoff had appeared in court since his March 12 guilty plea, he had since been held in a New York District Court jail. According to reports, Judge Chin said that Madoff received not a single piece of support, not even from family members. Since Madoff's guilty plea he has been stripped of a majority of his assets as prosecutors and a trustee scramble to compensate victims of the massive fraud. Just a week ago a judge issued a forfeiture of Madoff's personal property with a value of roughly $171 billion. The ruling included his real estate and $80 million in assets that were said to be those of his wife, Ruth Madoff. Ruth Madoff will be left with $2.5 million, but will need to look for a new residence as the Madoff's $7 million Manhattan penthouse will be sold. The family's $11 million Florida estate and $4 million home in Montauk will be put up for sale as well. Madoff's massive Ponzi scheme impacted thousands of investors and wiped out life savings for many of them. The damage of the Madoff fraud peaked in late December when Thierry Magon de La Villehuchet, CEO of Access International Advisors, committed suicide after his fund lost nearly all its investors money due to investments in Madoff's firm. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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