Madoff, 71, pleaded guilty in March to running a Ponzi scheme that bilked investors of up to $75 billion US. He was sentenced to 150 years in prison Monday. 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. Bernard Madoff’s lawyer asked a judge to sentence Wall Street’s biggest thief to less than life in prison, saying he should not give in to “mob vengeance” sought by those he defrauded.
It’s reported that Before Chin announced the sentence with Madoff standing at the defense table, wearing a dark suit, white shirt and a tie, and looking thinner than his last court appearance in March. He gave no noticeable reaction when the sentence was announced.
He also showed no emotion earlier in the hearing as he listened to nine victims spend nearly an hour describing their despair. Some openly wept. Others raised their voices in anger.
“Life has been a living hell. It feels like the nightmare we can’t wake from,” said Carla Hirshhorn.
“He stole from the rich. He stole from the poor. He stole from the in between. He had no values,” said Tom Fitzmaurice. “He cheated his victims out of their money so he and his wife Ruth could live a life of luxury beyond belief.”