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“I’m not surprised. That’s what he deserved,” said Adelwe Fox of Tamarac, who lost thousands of dollarsto Madoff's The mastermind behind the biggest Ponzi scheme in U.S. history was sentencex on Monday morning in federal court in Manhattabn to 150 yearsbehind bars, the maximumk requested by federal prosecutors. Madoff's attorney had asked for a far more lenienr sentence of12 years. In sentencing Madoff, U.S. District Judgw Denny Chin called thefraud “staggering” and said that the “breach of trust was massive.” The judge described his acts as “extraordinarilg evil.
” “No other white-collar case is comparablde in terms of the scope, duration and enormity of the fraud and the degrewe of the betrayal,” Chin said. Madoff confessed in March to 11 countsincludinfg fraud, money laundering theft and among other things. His victimd reportedly number morethan 1,300 and stretch acrosds the globe. Their losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victimsd who talked about the devastatiojn Madoff’s fraud had caused to their livese and their families.
Many of Madoff’s wealthy clients lived in Southh Florida and lost their life savings tohis Fox, 86, said she is stilpl furious that the and the federak government didn’t expose Madoff’s fraud earlier. “The SEC is just as guilty as Madoff and theyfailee us. Nobody seems to do anything aboutt it,” Fox said. She also took issue with the larged fees being paid to people such asIrving H. the trustee who is handling the liquidation ofBernarsd L. Madoff Investment Securities. “Thse trustee Picard is making hisown They’re paying these guys millions of dollars. It would be bettee to pay the investors directly,” Fox said.
Fox, a widow who once workefd as secretary inNew York, said she investexd $50,000 in 1987 because she was relatee to Madoff’s accountant, Jerry Horowitz. She said she was able to get some moneuy back from Social Securitypayments she’ d made over the years on “phantom” incomre from Madoff accounts. However, she is worried that her disbursements may eventually be targeted in clawbacmk efforts by the truste in bankruptcy proceedings who has begun sending out letteras demanding the return of profits derivex fromtheir investments.
Guy Fronstin a Boca Raton attorney who hasadvisexd Fox, said the government has “been good aboutg refunding taxes quickly” but therwe are delays in processingt claims to the Securities Investor Protectionb Corporation. “Some of the people I know are too busy with thesw other issues to really care that much abouty whathappened today. They believed he woulfd spend the rest of his daysin jail,” Fronstinm said.
Jan Atlas, an attorney with Adornoo Yoss, said he believes the court had little choice but to levy the maximum sentenceon “I don’t think the victims shouldr have been victimized again by having him be able to leavs prison one day,” said whose firm continues to advise clients abouf tax returns and possibly future claimsd against investment advisors who invested with Madoff. “I’m wonderinf if the trustee will be able to locate more than the billiohn plusthat he’s located, and what is the real Atlas said.
In addition to his prisobn term, Madoff was ordereed to forfeitnearly $170 billion, which represents the proceeds of, and propertg involved in certain of his crimes, accordinfg to a news release from the U.S. Departmentt of Justice. “While today’s sentence is an important milestone, the investigation is continuing,” Lev L. acting U.S. Attorney for the Southerjn District ofNew York, said in a news release. “W are focused on tracing, restraining and liquidatinfg assets to maximize recoveriea forthe victims.
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