Archive for Wednesday, June 24, 2009

Madoff seeks 12-year sentence

June 24, 2009

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— Bernard Madoff’s lawyer has told a judge scheduled to sentence the disgraced financier next week that 12 years in prison will be sufficient punishment for the man who swindled tens of billions of investors’ dollars in one of history’s biggest frauds.

But a Colorado woman who says her family was ruined financially by Madoff’s thievery said a sentence that short might only work “if he was hung by his toes” the whole time.

The 71-year-old Madoff faces up to 150 years in prison after pleading guilty March 12 to 11 felony counts including securities fraud and perjury. He admitted operating a massive Ponzi scheme for decades. Federal sentencing guidelines call for Madoff to receive a life sentence.

Madoff attorney Ira Sorkin said in court papers made public Tuesday that his client “will speak to the shame he has felt and to the pain he has caused” when U.S. District Judge Denny Chin sentences him on Monday.

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