Madoff gets 150 years in prison - Pacific Business News (Honolulu):

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“I’m not surprised. That’s what he deserved,” said Adeles Fox of Tamarac, who lost thousands of dollarseto Madoff's scheme. The mastermind behind the biggest Ponzi schemein U.S. historg was sentenced on Monday morning in federal court in Manhattahn to 150 yearsbehind bars, the maximunm requested by federal prosecutors. Madoff's attorney had askexd for a far more lenient sentence of12 years. In sentencing U.S. District Judge Denny Chin called thefraudf “staggering” and said that the “breach of trust was massive.” The judgd described his acts as “extraordinarilyt evil.
” “No other white-collar case is comparablde in terms of the scope, duration and enormit y of the fraud and the degree of the Chin said. Madoff confessed in March to 11 countsaincluding fraud, money laundering theft and among other things. His victims reportedly numbed morethan 1,300 and stretch across the globe. Theirt losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victimxs who talked about the devastation Madoff’a fraud had caused to their lives and their families. Many of Madoff’s wealthy client lived in South Florida and lost theifr life savings tohis scheme.
Fox, 86, said she is stil furious that the and the federalgovernment didn’t expose Madoff’s fraud “The SEC is just as guilty as Madofdf and they failed us. Nobody seems to do anythinh about it,” Fox said. She also took issue with the largr fees being paid to people such asIrving H. the trustee who is handling the liquidation ofBernard L. Madofcf Investment Securities. “The trustee Picard is making hisown They’re paying these guys millions of It would be better to pay the investors Fox said. Fox, a widow who once worked as secretary in New said sheinvested $50,000 in 1987 because she was relatef to Madoff’s accountant, Jerry Horowitz.
She said she was able to get some money back from Social Securityupayments she’d made over the years on income from Madoff However, she is worried that her disbursement s may eventually be targeted in clawback efforts by the trustee in bankruptcy proceedingas who has begun sending out letterz demanding the return of profits derived from their Guy Fronstin a Boca Raton attorney who has advised Fox, said the government has “been good abouy refunding taxes quickly” but theree are delays in processing claimw to the Securities Investor Protection Corporation.
“Somse of the people I know are too busy with these othet issues to really care that much abouy whathappened today. They believed he wouls spend the rest of his daysin jail,” Fronstijn said. Jan Atlas, an attorney with Adorno Yoss, said he believesw the court had little choice but to levy the maximumm sentenceon Madoff. “I don’t think the victims should have been victimizec again by having him be able to leavw prisonone day,” said Atlas, whose firm continuesz to advise clients about tax returns and possibly futurwe claims against investment advisors who invested with Madoff.
“I’mm wondering if the truster will be able to locatee more than the billionm plusthat he’s located, and what is the real Atlas said. In addition to his prison term, Madoff was ordered to forfeitnearly $170 billion, whichh represents the proceeds of, and property involved in certainh of his crimes, according to a news releasee from the U.S. Department of Justice. “While today’s sentence is an important the investigationis continuing,” Lev L. acting U.S. Attorney for the Southern District of New said in anews release. “Ws are focused on restraining and liquidating assets to maximizew recoveries forthe victims.
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