Madoff sentenced to 150 years prison

Bernard Madoff has just been given the maximum sentence allowed under law, 150 years in prison, as sought by the prosecution.

Just prior to today’s verdict, Madoff turned around to victims in the courtroom telling them “I left a legacy of shame…I cannot offer you an excuse for my behavior…I’m sorry.” His speech ran for about 6 minutes.

Judge Denny Chin of the U.S. District Court in NY handed down the sentence about 10 minutes ago.


Madoff pleaded guilty on March 12, 2009 to 11 criminal charges. At that time he was remanded in jail at the Metropolitan Correctional Center located in lower Manhattan by Judge Chin who said, “the district court’s finding that the defendant has the means – and therefore the ability [to flee]”

Investigators to date have identified 1,341 investors who fell victim to Madoff’s Ponzi scheme, with total losses exceeding $13 billion.

Victims have until July 2, 2009 to file a claim with an NY bankruptcy court.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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