Madoff gets 150 years in prison - Boston Business Journal:

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“I’m not surprised. That’s what he deserved,” said Adelre Fox of Tamarac, who lost thousands of dollarasto Madoff's scheme. The mastermind behind the biggest Ponzi schemein U.S. historyg was sentenced on Monday morning in federal courf in Manhattan to 150 years behind the maximum requested byfederap prosecutors. Madoff's attorney had askef for a far more lenient sentencr of12 years. In sentencing U.S. District Judge Denny Chin called thefraue “staggering” and said that the “breach of trustf was massive.
” The judge described his acts as “extraordinarily “No other white-collar case is comparable in terms of the scope, duration and enormity of the fraud and the degree of the Chin said. Madoff confessed in March to 11 counts including money laundering theftand perjury, among otherf things. His victims reportedly number morethan 1,30 0 and stretch across the globe. Theid losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victims who talked about the devastation Madoff’sx fraud had caused to theitr lives and their families.
Many of Madoff’s wealthy clients lived in Soutn Florida and lost their life savings tohis Fox, 86, said she is stilpl furious that the and the federal government didn’g expose Madoff’s fraud earlier. “Thw SEC is just as guilty as Madof and theyfailed us. Nobodty seems to do anything aboug it,” Fox said. She also took issue with the large fees being paid to peoplde such asIrving H. Picard, the trustee who is handling the liquidation ofBernard L. Madoff Investment Securities. “Th trustee Picard is making hisown They’re paying these guys millions of dollars.
It wouldf be better to pay theinvestors directly,” Fox Fox, a widow who once workedc as secretary in New York, said she investesd $50,000 in 1987 because she was relatedf to Madoff’s accountant, Jerry Horowitz. She said she was able to get some mone back from Social Securitypayments she’ed made over the years on “phantom” income from Madoff However, she is worried that her disbursements may eventually be targeteed in clawback efforts by the trusteee in bankruptcy proceedings who has begun sending out letterz demanding the return of profits derived from their Guy Fronstin a Boca Ratomn attorney who has advised Fox, said the governmenty has “been good about refunding taxesa quickly” but there are delays in processing claims to the Securitiezs Investor Protection Corporation.
“Some of the people I know are too busy with theswe other issues to really care that much aboutr whathappened today. They believed he would spend the rest of his days in Fronstin said. Jan Atlas, an attorney with Adornok Yoss, said he believes the court had littlw choice but to levy the maximukm sentenceon Madoff. “I don’t think the victimsz should have been victimized again by having him be able to leave prison one said Atlas, whose firm continues to advisre clients about tax returns and possibly future claimx against investment advisors who invested with “I’m wondering if the trustere will be able to locate more than the billion plus that he’sx located, and what is the real loss,” Atlads said.
In addition to his prison term, Madofcf was ordered to forfeiytnearly $170 billion, which represents the proceedsd of, and property involved in certain of his according to a news release from the U.S. Departmen t of Justice. “While today’s sentence is an important the investigation is Lev L. Dassi, acting U.S. Attorney for the Southernb District of New said in anews release. “Wee are focused on tracing, restraining and liquidatingt assets to maximize recoveries forthe