US Financier Madoff Sentenced to 150 Years in Jail

World | June 29, 2009, Monday // 18:55|  views

US financier Madoff (right) was sentenced to 150 years in prison over the Ponzi scheme. Photo by EPA/BGNES

The scandalous US financier, Bernard Madoff, was sentenced to the maximum 150 years in prison Monday for his large-scale financial fraud known as the Ponzi scheme.

Judge Denny Chin of U.S. District Court in New York announced the sentence just moments after Madoff apologized to his victims.

"I live in a tormented state for all the pain and suffering I created. I left a legacy of shame. It is something I will live with for the rest of my life. Saying I'm sorry is not enough. I turn to face you. I know it will not help. I'm sorry", Madoff said to his victims as quoted by CNN.

So far investigators have identified 1 341 investors in Madoff's firm, who have losses exceeding USD 13 B but that number is expected to rise as victims have until July 2 to file a claim with US Bankruptcy Court in New York.

On Friday, the US government seized all of Madoff's property in a USD 170 B legal judgment against him. The value of all the assets will be used to compensate the victims, based on how much they invested in Madoff's firm.


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Tags: madoff, Ponzi, financier


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