Prosecution to Seek 150-Year Sentence for Bernard Madoff on Monday
In a federal court filing tonight, prosecutors argue for a 150-year sentence for Bernard Madoff, convicted of operating a record-breaking $65 billion swindle under the guise of a hedge fund.
Contending that Madoff “engaged in wholesale fraud for more than a generation,” the filing argues that “the scope, duration and nature of Madoff’s crimes render him exceptionally deserving of the maximum term allowed by law,” reports the DealBook blog of the New York Times.
Alternatively, prosecutors say, the 71-year-old Madoff should be sentenced to a prison term that will insure his incarceration for the rest of his life.
As discussed in an earlier ABAJournal.com post, Madoff’s defense lawyer argued for a 12-year prison term for his client when he is sentenced on Monday by U.S. District Judge Denny Chin.
Related coverage:
Associated Press: “NY judge delays restitution order in Madoff case”
ABAJournal.com (Jan. 2009): “Why Madoff Warnings Were Ignored: Regulators Had Wrong Incentives”
ABAJournal.com (Feb. 2009): “Madoff Whistle-blower to Blast SEC in Congressional Testimony Tomorrow”
New York Times: “Chasing Small Fry, S.E.C. Let Madoff Get Away”
Business Week: “After Madoff: Are We Safer?”
BBC: “Unravelling the ‘Madoff hustle’ “
