Bernard Madoff, awaiting sentencing for running a $65 billion Ponzi scheme, asked a federal judge to sentence him to as few as 12 and no more than 20 years in prison, citing cooperation with federal officials.
Madoff, 71, faces as many as 150 years in prison when he is sentenced June 29. He pleaded guilty in March to a massive fraud, in which he paid off old investors with money from new clients. His customers were told that they had as much as $65 billion in the weeks before the fraud came to light.
“We seek neither mercy nor sympathy. Respectfully, we seek the justice and objectivity that have been – and we hope always will be – the bedrock of our criminal justice system,” defense lawyer Ira Sorkin said today in a letter filed in Manhattan federal court.
Sorkin said that a 12-year sentence would be appropriate because Madoff’s life expectancy is now 13 years. As an alternative, he said that a 15-to-20 year term would “effectively achieve” the goals of sentencing “without disproportionately punishing Mr. Madoff.”
Other white-collar offenders facing life in prison received an average sentence of 184 months, or about 15 years, Sorkin said, citing a study conducted by a consultant hired by Madoff.
Prosecutors so far have identified 1,341 Bernard L. Madoff Investment Securities LLC account holders who suffered losses of more than $13 billion, they said in a June 19 court filing.
The government is expected to file their own pre-sentencing brief this week.
(Bloomberg News)
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4 Responses
Mr madoff Tshuva is always an option!! Think about it
Perhaps his family should offer to repay the money. At this point, the relatives still have all the money they made while being connected to Mr. Madoff which they claim was earned independent of the Ponzi scheme(as if being associated with the president of the stock exchange wasn’t a big factor). Perhaps they could all turn over everything they own and live like mere mortals.
He can always do tseuvah in prison. Indeed everyone there claims to have repented (amazing isn’t it). Perhaps in a more efficient system, he could be held until his family coughed up everything, and then released to house arrest (and to live on his social security checks).
Maybe Bernie will join the daf yomi and in a few more cycles he”ll be giving the shiur.
A goniv doesn’t go to prison, he gets sold as an eved to pay off his debt.