Posted by: chronicler55 | June 29, 2009

Maddoff gets 150 years

Maddoff was sentenced today to 150 years in prison for running the largest Ponzi scheme in history.  After hearing testimony from Maddoff victims, the prosecutor (who asked for 50 years) and the defense (who asked for 12 years because of Maddoff’s age of 71)  the judge sentenced Maddof to the statutory maximum. 

Thousands of investors were defrauded of millions of dollars. Maddoff has claimed that he engineered this scam alone, and has not cooperated with investigators who are trying to find the lost money.  Federal Judge Chin commented on Maddoff’s lack of transparency during the sentencing.

Two of Maddoff’s victims have committed suicide since they realized their money had disappeared.

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