Madoff Receives 150 Year Sentence

June 29th, 2009
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Bernard Madoff receives maximum sentence of 150 years as Judge Denny Chin called Madoff’s crimes “extraordinarily evil.” Although Madoff’s lawyer, Ira Sorkin, had asked for a 12 year sentence, Judge Chin found no basis for leniency given Madoff’s refusal to cooperate with authorities in terms of disclosing the details of his fraud and uncovering the whereabouts of billions in unaccounted for money.

According to Bloomberg, Madoff will likely spend his time in a medium- or high-security prison in Northeastern United States. Since Madoff’s sentence exceeds 10 years, he will not be eligible for a minimum security prison. The decision is now left to the Federal Bureau of Prisons to determine where he will serve out his sentence.
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Related People: Bernard Madoff
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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