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Bernie Madoff, the investment adviser who defrauded investors of US$65 billion, has been sentenced to 150 years’ prison.
The New York Times has reported that the sentence was the maximum penalty Madoff could have received.
US District Court Judge Denny Chin rejected Madoff’s statements of remorse, calling his crimes “extraordinarily evil” and said his fraud was staggering, stretching over 20 years.
At the hearing, Madoff’s lawyers said the Government request for a 150-year sentence bordered on the absurd. His lawyers asked for 12 years before the sentence was handed down.
Madoff was charged with operating one of the largest frauds in the history of Wall Street through his business Bernie L. Madoff Investment Securities, drawing in hundreds of investors, hedge funds and private foundations.
