Financial Fraudster Bernie Madoff gets 150 years

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Netto Azure

Netto Azure

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Fraudster Madoff gets 150 years

Bernard Madoff has been given the maximum prison sentence of 150 years for masterminding a massive fraud that robbed investors of $65bn (£40bn).
The sentencing was greeted with cheers and applause from the courtroom, while US District Judge Denny Chin described the crime as "staggering".
Madoff's lawyer had sought a more lenient sentence of 12 years.
The sentence came after the court had heard emotional statements from a number of Madoff's victims.
Judge Chin sentenced Madoff on 11 charges, including securities fraud and money laundering.
He said "the breach of trust was massive".
Madoff stood with his hands in front of him while being sentenced.

'Legacy of shame'
Before the sentencing, Madoff apologised for the "legacy of shame" he had brought on his family and the industry.
He turned directly to those in court who had been affected and said he was sorry. One person who lost money broke down in tears in court while giving evidence.
"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.
"May your jail cell be your coffin," Michael Schwartz told Madoff.
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Thank goodness! Even though this is a different thing from the Financial Crisis. He has become a face to the financial swindlers in Wall Street.

Too bad this is the best we can do since the Obama Administration doesn't seem ready to have prosecutions of the Financial Sectors disaster last year. =/
 
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Glad to hear the sentence, too bad they couldn't throw in hard labor as well. Have fun in jail Madoff!
 
This is good then. Although Nicoleta01 is right, a little hard labor for him would be good.
 
Finally, the justice system does SOMETHING right....
 
How can you get 150 years??? No one lives that long.
In the UK the maximum sentence is 25 years. How can USA give 150? He'll never live for anoterh 150 years.
 
@ Max King:

The point of the sentence being that high is that in case they get a reduction in sentence for good behavior or something like that, they still won't see the outside world for a while. No one really has chances of getting out on a sentence that high, but they still have to make it possible just in case.
 
The sentence is nice, but what about the people he fucked over? Has there still been no word on if they'll see their money again?
 
Max King said:
How can you get 150 years??? No one lives that long.
In the UK the maximum sentence is 25 years. How can USA give 150? He'll never live for anoterh 150 years.
Click to expand...

I believe it is the same in the United States (it is in Canada at least for crimes such as murder), but there are ways for jailtime to be extended long past that.

The first factor is the number of charges that are laid. A person can go on trial once and be tried for several charges at the same time. A serial murderer, for example, can be charged with the murder of person A, attempted murder of person B, and manslaughter of person C. That's why on programs like Law and Order (or if you go to an actual trial on the day of sentencing), you will hear the judge say to the jury "on the first count of ... how do you find? On the second count of ... how do you find?", etc.

If the above murderer was convicted of all three crimes, the judge (I believe it is the judge, it may be the jury) can decide whether the sentences are served concurrently or consecutively. If it is concurrently, then all three sentences will be served at the same time. So three sentences of 25 years for those crimes would mean that the criminal serves a total of 25 years in jail (not including things like good behaviour, parole, etc.). If the sentences are served consecutively, however, the murder will have to serve the full length of one sentence before beginning the next, in effect extending his total sentence to 75 years in jail.

A student of law could probably explain it better than me, but that's the short and narrow of it.
 
overkill much? Are they expecting him to live 150 years? Just give him life, it amounts to the same thing.
 
@ Ryuu:

Our democracies believe that if a man has showed enough reform equivalent to 150 years in jail, that he's done his time.
 
I agree with Ryuu: 150 years is a bit much...unless Madoff found a way to become immortal(which I highly doubt).

50 years would have sufficed.
 
I personally like the extreme amounts for sentencing. Now if only we could get David Miscavige in for 9001.
 
I'm surprised some people have a problem with the length considering everything. I'm very glad they threw the book at this jerk.
 
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