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June 17, 2011

Sentencing proof that Brooklyn never quite gets the respect of Manhattan...

comes from this New York Daily News article, headlined "Fraudster dubbed 'Brooklyn's Bernie Madoff' sentenced to 20 years in prison." Here are the basics:

A Brooklyn fraudster was sentenced Friday to 20 years in prison for fleecing hundreds of hard-working victims in a Ponzi scheme that went on for three decades.  Philip Barry, dubbed "Brooklyn's Bernie Madoff" received far less jail time than the 150 years his namesake is serving, but the financial ruin he wrought was no less devastating.

"He's just like a bank robber," Francis Monteleone said in Brooklyn Federal Court. "He robbed my dad, a struggling tailor who trusted him," said Monteleone who also handed over $215,000 from her divorce settlement to the bum.

Barry, 53, a boyish-looking schlub who is a master manipulator, listened impassively as seven victims poured out their hearts to Judge Raymond Dearie.

Linda Poluha said Barry won't have to worry about his three square meals or a roof over his head that doesn't leak like her family does. "If there was still such a thing as a chain gang I believe you deserve that," Poluha said.

The judge dismissed defense lawyer's Lisa Hoyes' argument that Barry lived frugally and didn't enrich himself with the life savings entrusted to him. "Does that make any difference to these folks?" Dearie said.

Assistant U.S. Attorney Jeffrey Goldberg pegged the victims' losses at more than $24 million.

The joke in the title of this post is based on the fact that "Brooklyn's Bernie Madoff" received a prison sentence only roughly 12% as long as Manhattan's Bernie Madoff.  Then again, given that the victims' losses caused by Madoff have been pegged to be many billions of dollars, "Brooklyn's Bernie Madoff" actually got a longer sentence for his fraud if measured on a dollar-for-dollar, prison-term-for-prison-term basis.

June 17, 2011 at 04:37 PM | Permalink

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