Wow!! Finally some justice in the world of White-Collar Crime. U.S. District Judge Denny Chin, handed convicted crook, Bernard Madoff the MAXIMUM 150 year sentence.
Judge Chin said he needed to send a symbolic message to those who might imitate his fraud and to victims who need relief. That I think he accomplished!
The judge said the estimate that Madoff has cost his victims more than $13 billion was conservative because it did not include money from feeder funds. “Objectively speaking, the fraud here was staggering,” he said.
Madoff has already taken massive financial hit when last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife Ruth had claimed were hers. The order left her with $2.5 million.
The Madoffs still have to sell a $7 million Manhattan apartment where Ruth Madoff still lives. An $11 million estate in Palm Beach, Fla., a $4 million home in Montauk and a $2.2 million boat will be put on the market – in case you have any extra cash laying around!
Bernie now joins a list of several other CEO/Executives that have been slapped with strong sentences in the past few years. Lance K. Poulson, National Century Financial Enterprises, Jeffrey K. Skilling of Enron and Timothy J. Rigas of Adelphia just to name a few.
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