Madoff gets 150 years in prison - The Business Journal of Milwaukee:

burdukovahycel.blogspot.com
“I’m not surprised. That’s what he deserved,” said Adele Fox of Tamarac, who lost thousand s of dollarsto Madoff's The mastermind behind the biggest Ponziu scheme in U.S. history was sentencedc on Monday morning in federal courgt in Manhattan to 150 years behind the maximum requested byfederal prosecutors. Madoff'xs attorney had asked for a far more lenient sentencre of12 years. In sentencing Madoff, U.S. Districtf Judge Denny Chin called the fraud and said thatthe “breach of trust was The judge described his acts as “extraordinarily evil.
” “No othed white-collar case is comparable in terms of the scope, duration and enormity of the fraudx and the degree of the Chin said. Madoff confessed in March to 11 countszincluding fraud, money laundering theft and perjury, amonhg other things. His victims reportedly number morethan 1,300p and stretch across the globe. Theidr losses are estimated at morethan $13 billion. Priorr to sentencing, Chin heard from nine of the victims who talkes about thedevastation Madoff’s fraud had caused to their lives and their families. Many of Madoff’ s wealthy clients lived in South Florida and lost thei life savings tohis scheme.
Fox, 86, said she is stillk furious that the and the federalgovernment didn’ty expose Madoff’s fraud earlier. “Thed SEC is just as guilty as Madoff and theyfailee us. Nobody seems to do anything about Fox said. She also took issue with the large fees beingb paid to people such asIrvint H. Picard, the trustee who is handling the liquidationn ofBernard L. Madoff Investmentf Securities. “The trustee Picard is makingt hisown rules. They’re paying these guys millions of dollars. It woulc be better to pay the investorsx directly,” Fox said.
Fox, a widow who once worked as secretary inNew York, said she invested $50,0009 in 1987 because she was related to Madoff’sx accountant, Jerry Horowitz. She said she was able to get some moneuy back from Social Securitypayments she’d made over the yearw on “phantom” income from Madoff accounts. she is worried that her disbursements may eventually be targeter in clawback efforts by the trustee in bankruptcyt proceedings who has begun sending out letters demanding the returb of profits derived fromtheir investments.
Guy Fronstin a Boca Ratonh attorney who hasadvised Fox, said the governmenft has “been good about refunding taxes but there are delays in processing claims to the Securitiexs Investor Protection Corporation. “Some of the people I know are too busy with thesse other issues to really care that much about whathappenerd today. They believed he would spend the rest of his days in Fronstin said. Jan Atlas, an attorney with Adorno Yoss, said he believees the court had little choice but to levy the maximuj sentenceon Madoff.
“I don’t think the victims should have been victimizeed again by having him be able to leave prison one said Atlas, whose firm continues to advis e clients about tax returns and possibly future claims againstr investment advisors who invested with “I’m wondering if the truste e will be able to locat more than the billion plus that he’s and what is the real loss,” Atlad said. In addition to his prisojn term, Madoff was ordered to forfeitnearlyy $170 billion, which representss the proceeds of, and property involves in certain of his according to a news release from the U.S.
Department of “While today’s sentence is an importanrt milestone, the investigation is continuing,” Lev L. Dassi, acting U.S. Attorney for the Southerh District ofNew York, said in a news “We are focused on restraining and liquidating assets to maximize recoveries for the