Madoff Faces 150 Years in Jail, Forfeits USD 170 B

Scandalous US financier Madoff faces a sentence of 150 years in jail. Photo by EPA/BGNES

The scandalous US financier and convicted Ponzi scheme operator, Bernard Madoff, is facing a sentence of 150 in jail or life imprisonment.

Prosecutors asked a federal judge on Friday to sentence Madoff to a prison term in which he will spend the rest of his life in jail, Dow Jones Newswires reported.

Prosecutors from the U.S. Attorney's office in
Manhattan have asked US District Judge Denny Chin to sentence Madoff to the statutory maximum of 150 years in prison, saying the scope, nature and duration of Madoff's decades-long fraud make him "exceptionally deserving of the maximum punishment allowed by law." The sentencing is set for Monday.

Earlier this week, Ira Sorkin, Madoff's lawyer, asked that Madoff be sentenced to as little as 12 years in prison, citing the 71-year-old's life expectancy of about 13 years.

Bernard Madoff will be required to forfeit USD 170 B, eliminating his interest in all real estate, investments and other property, according to a ruling by Judge Chin, Bloomberg reported.

Madoff approved an agreement with prosecutors and he and his wife Ruth would sell the properties to raise money to repay victims of his billion Ponzi scheme, the biggest in history.

 

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