The sentence went far beyond the 12 years suggested by Madoff’s lawyers and virtually guaranteed that, at age 71, the financier-turned-felon would die while imprisoned.
Chin said the term was meant to symbolically fit the crime — a multibillion-dollar fraud that’s been called the largest in history.
If Chin wanted to be symbolic, he should have sentenced him to 171 years.
The $171 billion forfeiture figure used by prosecutors merely mirrors the amount they estimate that, over decades, flowed into and out of the principal account to perpetrate the Ponzi scheme.
The statements sent to investors showing their accounts were worth as much as $65 billion were fiction.
It’s seems funny to me with all this fraud going on toward so many people, rich people, poor people, celebrities and so on, that not one person would investigate to see writher or not their money is going to the place it needs to be.
It’s amazing that this can happen over decades, I guess you can fool some of the people all of the time.
The investigation has found that in reality, Madoff never made any investments, instead using the money from new investors to pay returns to existing clients — and to finance a lavish lifestyle for his family.
The actual loss so far has been put at $13.2 billion. But the judge said that was a conservative estimate and noted that even Madoff told his sons in December it was a $50 billion fraud.
If the investigation can find reality, then so could all these people at the very least one of them.
The jailed Madoff had already taken a severe financial hit: Last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife Ruth had claimed were hers.
The order left her with $2.5 million. Every last penny should be striped, including Ruth’s, who should also do some time for just being married to the man.
Ok that’s a little harsh, but if she is going to take $2.5 million in dirty money then she should do jail time or donate the money to the victims.