Bernard Madoff to be sentenced today
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Bernard Madoff
Financier Bernard Madoff is to be taken under guard to court on Monday morning to hear his punishment for running Wall Street's biggest and most brazen investment scheme.
U.S. District Judge Denny Chin is expected to sentence Madoff to an effective life term in prison during an emotional court hearing starting at 10 a.m. EDT, in which some of his defrauded investors will describe the shock of losing their life savings.
The disgraced financier, who pleaded guilty in March. Prosecutors demand a 150-year sentence that would guarantee the 71-year-old spends his final days behind bars. The lawyer for Madoff, Ira Lee Sorkin, is asking for a sentence of 12 years.
Investigators do not know how much was stolen, according to court papers. About $13 billion has been traced to more than 1,300 customer accounts. The trustee winding down the Madoff firm has so far collected $1.2 billion to return to investors. Prosecutors also say $171 billion flowed through the principal Madoff account over decades and that weeks before his December arrest, the firm's statements showed a total of $65 billion.
On Friday, a judge ruled Madoff must forfeit $171 billion; his wife, Ruth Madoff, was stripped of over $80 million. The $80m forfeited by Ruth Madoff - who is not facing charges - includes the couple's Manhattan home, another also in New York and a house in Florida. But an agreement with prosecutors has enabled her to keep $2.5m in cash.
The disgraced financier, who pleaded guilty in March. Prosecutors demand a 150-year sentence that would guarantee the 71-year-old spends his final days behind bars. The lawyer for Madoff, Ira Lee Sorkin, is asking for a sentence of 12 years.
Investigators do not know how much was stolen, according to court papers. About $13 billion has been traced to more than 1,300 customer accounts. The trustee winding down the Madoff firm has so far collected $1.2 billion to return to investors. Prosecutors also say $171 billion flowed through the principal Madoff account over decades and that weeks before his December arrest, the firm's statements showed a total of $65 billion.
On Friday, a judge ruled Madoff must forfeit $171 billion; his wife, Ruth Madoff, was stripped of over $80 million. The $80m forfeited by Ruth Madoff - who is not facing charges - includes the couple's Manhattan home, another also in New York and a house in Florida. But an agreement with prosecutors has enabled her to keep $2.5m in cash.
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