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June 29, 2009

Madoff gets sentenced to max of 150 years in federal prison!

Early reports from the MSM says Bernie Madoff gets the max from Judge Denny Chin, 150 years in federal prison, which was the most he could get for all the counts to which Madoff pled guilty.  Of course, with a possible 15% off for good behavior, Madoff could get out as early at 2138.

Here is early coverage from the Wall Street Journal:

Bernard Madoff was sentenced to 150 years in prison Monday, meaning he will likely spend the rest of his life behind bars after admitting in March to running one of the largest and longest financial frauds in recent memory.

At a packed hearing Monday, U.S. District Judge Denny Chin in Manhattan ordered Mr. Madoff, 71 years old, to serve the statutory maximum sentence in prison. Applause briefly broke out after the sentence was announced....

"Here the message must be sent that Mr. Madoff's crimes were extraordinary evil," Judge Chin said.

June 29, 2009 at 11:35 AM | Permalink

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Although Madoff did not go to trial, it was a very high profile case.

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Posted by: George | Jun 29, 2009 12:01:34 PM

What was the ruling on restitution? Having ordered a criminal forfeiture on Friday of all of Madoff's assets -- but for a sweet deal to leave his wife over $2 million to live on -- thus transferring ownership of it all to the U.S. government just prior to sentencing, the victims are left with no rights at all and little recourse, as I see it. (Remission of forfeiture to victims is in the AG's unreviewable discretion, and a cumbersome and due-process-free system.) It seems to me that the forfeiture order in this case violated the victims' rights to restitution under the VWPA and CVRA, as protected by 18 USC 3572(b) (no criminal penalty, which would include criminal forfeiture, to be imposed if it impairs the defendant's ability to pay restitution). Perhaps one or more victims will bring a mandamus under the Crime Victims Rights Act against this sentence, for favoring the government's pecuniary interest (forfeiture) over the victims' (restitution).

Posted by: Peter G | Jun 29, 2009 12:19:46 PM

I don't have the full reference, but I believe the justice department has already said that it intends to use the forfeited assets to provide restitution to victims.

Posted by: Marc Shepherd | Jun 29, 2009 12:28:02 PM

If that's so, Marc, then ordering forfeiture with the intention of a later remission process, rather than forfeiture, shifts control of the allocation of available resources to victims from the Judiciary, where there is a more transparent and legally regulated, statutory procedure, to the Executive (with unreviewable discretion and no standards).

Posted by: Peter G | Jun 29, 2009 12:46:30 PM

CORRECTION: Instead of "ordering forfeiture with the intention of a later remission process, rather than forfeiture ...," of course I meant to write, "ordering forfeiture with the intention of a later remission process, RATHER THAN RESTITUTION, shifts control of the allocation of resources available to victims from the Judiciary, where there is a more transparent and legally regulated, statutory procedure, to the Executive (with unreviewable discretion and no standards)."

Posted by: Peter G | Jun 29, 2009 2:39:33 PM

why waste tax payers money and put him to death

Posted by: debt settlement | Jun 29, 2009 5:55:38 PM

Here's the sentencing transcript: http://i.cdn.turner.com/cnn/2009/images/06/29/madoff.sentence.transcript.pdf

Posted by: DEJ | Jun 30, 2009 12:19:37 AM

Will Madoff's sentence satisfy the vctims of his wrongdoings?
I would say not! I think that those who benefited from his crime
should face civil suits placed by the victims.

Posted by: Derrick Patterson | Jun 30, 2009 1:52:21 AM

it intends to use the forfeited assets to provide restitution to victims.Will Madoff's sentence satisfy the victims of his wrongdoings?
I would say not..

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Posted by: links_life | Jun 30, 2009 5:39:42 AM

afterall, we still have to support his living for the rest of his life. just pathetic.

BTW, I am just a normal people.

Posted by: little los angeles | Jun 30, 2009 10:21:47 AM

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