Madoff facing 150-year prison sentence
Madoff facing 150-year prison sentence
Monday 29th June 2009
Bernard Madoff is due to be sentenced later today after being found guilty of running one of the largest fraud schemes ever seen.The 71-year-old admitted back in March to running a $65 billion (£40 billion) Ponzi scheme for the last three decades and could now be sentenced to as long as 150 years behind bars.
Despite Madoff's legal team requesting the former money manager receive a 12-year prison sentence, Judge Denny Chin is expected to hand down a much greater term later.
Calls for clemency for Mr Madoff may not be heard as he has refused to aid investigators by fingering others who could have been involved.
During the sentencing, both Mr Madoff and some victims will address the court.
The judge has already stripped Madoff and his wife of their wealth, forfeiting assets of around $170 billion and $80 million respectively.
The amount Madoff was ordered to forfeit was equal to what prosecutors claim passed through his investment firm during the elaborate fraud.
In March, the disgraced financer pleaded guilty to 11 charges including securities fraud and money laundering. He also admitted defrauding thousands of innocent people through his Ponzi scheme which he been running since the early 1990s.
Court proceedings are expected to begin around 10:00 local time (15:00 BST).
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