US government seeks 150-year sentence for Madoff
29 Jun 2009
Wall Street scamster, Bernard L Madoff who cheated thouands of investors with his world wide Ponzi scheme will be sentenced later in the day today. The US government is seeking a 150-year sentence for the 71-year scamster who siphoned off over $13 billion operating a fraudulent scheme since the 1990s.
Madoff ran the scheme through, Bernard L Madoff Investement Securities, the investment security arm of his business, promising steady returns to investors with his 'split-strike conversion' strategy. He created an auro of exclusivity around the scheme by accepting investments selectively through friends and associates.
Judge Denny Chin is expected to hand down the sentence on Monday which will likely see Madoff spend the rest of his life in prison.
Monday's hearing is expected not stretch beyond a couple of hours as prosecution lawyers and Ira Sorkin, Madoff's lawyer argue their case for Madoff's quantum of punishment. Sorkin has asked for a sentence of 12 years considering Madoff's potential life expectancy of 13 years or alternatively 15 to 20 years in prison.
Sorkin has sought a sentence that is just and proportionate to the issue, setting aside the attendant hysteria and emotion in his arguments before the court.
He is expected to make a pitch for a softer sentence in view of Madoff's confession soon after his arrest and his cooperation with the authorities which includes a forfeiture order of $170 billion that will leave him penniless