Bernie Madoff may have spent much of his life in luxury but he will spend the end of it a poor, broken man in federal prison. Guaranteed. Yesterday, Madoff was sentenced to an astounding 150 year prison sentence, the maximum sentence that could have been imposed. His defense attorneys had argued for a 12 year sentence.
The judge noted that he was aware that Madoff could not possibly serve his entire sentence, the largest ever for a white collar crime, but emphasized, “…the message must be sent that Madoff’s crimes were extraordinarily evil.”
In March, Madoff pleaded guilty to securities fraud and 10 other felonies. The magnitude of his losses has not been completely calculated; at least $13 billion has been documented though Madoff allegedly confessed to fraud in the order of $50 million.
Madoff’s response to the victim’s statements was odd, with a mix of apology and excuse. He characterized the scheme as a “terrible mistake” and seemed to sugarcoat what happened by claiming that he had hoped to save the securities industry - the very one that he helped bring down.
Madoff had already been ordered to turn over significant assets, totaling more than $170 million. Those assets include the couple’s $7 million apartment in Manhattan, an $11 million house in Palm Beach, a $3 million home on Long Island, a number of boats and cars.
Madoff’s wife, Ruth, will be left with $2.5 million; Madoff’s lawyers had initially asked to keep $70 million, alleging that she didn’t know anything about the fraud. Curiously, she withdrew $15.5 million just before her husband’s arrest, a move that was no doubt taken into consideration. Under the seizure agreement, which also requires that Ruth leave her New York home, it was clear that Ruth could still be the target of claims.
Proceeds from sales of the assets will be used to reimburse investors in Madoff’s scheme. Approximately $1 billion has reportedly already been recovered.
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