Madoff Sentenced to Maximum 150 Years

As Bernie Madoff apologizes, victims denounce the record Ponzi schemer in court as a "monster" and "psychopath"

By Esmé E. Deprez

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Retribution, deterrence, and symbolism for the victims, said U.S. District Judge Denny Chin, were among the most important factors in his decision to sentence Bernard L. Madoff to 150 years in prison. The sentence means that Madoff left U.S. District Court in Manhattan on June 29 to face what will undoubtedly be the rest of his life behind bars. As Madoff's lawyer reminded the judge during the proceedings, his 71-year old client would need to live to age 221 to experience a day of freedom.

Cheers erupted in the packed courtroom and the two overflow rooms when Chin delivered the news.

Before the sentence was delivered, nine victims addressed the packed courtroom, describing the financial pain and horror Madoff's Ponzi scheme had imposed on them and their families. Madoff responded to the victims, calling the scheme a "terrible mistake" and a "serious error of judgment."

"I could not accept the fact that for once in my life, I failed," he said in a monotone, also announcing that his wife Ruth planned to make a public statement. Dressed in the dark suit and tie he had been granted permission to wear for the occasion, he then turned around to face his victims and apologize directly, saying "I'm sorry." After the hearing, Ruth Madoff said she was "betrayed and confused" by her husband's actions.

Federal prosecutors had requested 150 years—the maximum term, according to federal sentencing guidelines—after Madoff pleaded guilty in March to 11 counts of fraud, money laundering, theft, and perjury. Madoff—a former chairman of the Nasdaq stock exchange (NDAQ)—and his accountant are the only people thus far to face criminal charges in connection with the fraud, in which an estimated $65 billion was lost. Prosecutors estimate that Madoff's firm collected and paid some $171 billion over perhaps decades of deception.

Not a single letter of support

Ira Lee Sorkin, Madoff's attorney, acknowledged his client as a "deeply flawed individual" but said he is nonetheless human and asked the judge for a 12-year sentence. Sorkin cited Madoff's health and decision to step forward to disclose the fraud seven months ago as reasons that argued for a shorter sentence.

But Judge Chin said that Madoff's case must deliver a message to everyone, since Madoff's "evil" crimes exacted a "staggering human toll" on his victims. Not only were the crimes unprecedented in scope and enormity, Chin said, but Madoff's breach of his clients' trust caused them to base important life decisions on lies. The judge added that a civic trustee advised the court that Madoff had not been helpful in the government's quest to uncover further assets and investigate the crimes further, squelching an argument the defense attorney used when asking for a lighter sentence. Also, Chin noted, not a single letter from a friend or family member had been submitted on Madoff's behalf, which he called unusual in such a case. "The absence of such support is telling," Chin said.

Madoff already has taken a severe financial hit as 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 that his wife Ruth had claimed were hers. The order left her with $2.5 million. The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. An $11 million estate in Palm Beach, Fla.; a $4 million home in Montauk, N.Y.; and a $2.2 million boat will be put on the market as well.

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