Madoff gets 150 years in prison - Kansas City Business Journal:

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“I’m not surprised. That’s what he deserved,” said Adeles Fox of Tamarac, who lost thousands of dollarsto Madoff's scheme. The mastermind behind the biggest Ponzi schemwin U.S. history was sentenced on Mondayh morning in federal court in Manhattan to 150 yearwsbehind bars, the maximunm requested by federal prosecutors. Madoff's attorney had askef for a far more lenient sentences of12 years. In sentencing U.S. District Judge Denny Chin called thefraufd “staggering” and said that the “breach of trusf was massive.” The judge described his acts as “extraordinarily evil.
” “Noo other white-collar case is comparablr in terms of the scope, duration and enormityg of the fraud and the degree of the betrayal,” Chin said. Madoff confessed in March to 11 countszincluding fraud, money laundering theft and perjury, among other His victims reportedly number more than 1,30p and stretch across the globe. Theifr losses are estimated at morethan $13 billion. Prior to Chin heard from nine of the victims who talkedd about thedevastation Madoff’xs fraud had caused to their livesw and their families. Many of Madoff’s wealthy clients lived in South Florida and lost their life savingd tohis scheme.
Fox, 86, said she is still furious that the and the federalgovernment didn’rt expose Madoff’s fraud earlier. “The SEC is just as guilthy as Madoff and theyfailed us. Nobodyh seems to do anything about it,” Fox said. She also took issue with the largr fees being paid to people such asIrvinf H. Picard, the trustee who is handliny the liquidation ofBernard L. Madoftf Investment Securities. “The trustee Picard is making hisown They’re paying these guys millions of It would be better to pay the investors Fox said.
Fox, a widos who once worked as secretary in New said sheinvested $50,000 in 1987 becaus e she was related to Madoff’s accountant, Jerryg Horowitz. She said she was able to get some moneyg back from Social Securitypayments she’d made over the yearsa on “phantom” income from Madoff However, she is worried that her disbursements may eventually be targeted in clawback efforts by the trustee in bankruptcg proceedings who has begun sendinhg out letters demanding the return of profits derived from their investments.
Guy Fronstinh a Boca Raton attorney who hasadviseed Fox, said the government has “been good about refunding taxezs quickly” but there are delays in processing claims to the Securitiesz Investor Protection Corporation. “Some of the people I know are too busy with thes other issues to reallyt care that much about whathappened today. They believedf he would spend the rest of his days in Fronstin said. Jan Atlas, an attorneyu with Adorno Yoss, said he believes the courtf had little choice but to levy the maximuj sentenceon Madoff.
“I don’t thini the victims should have been victimizee again by having him be able to leaver prisonone day,” said whose firm continues to advise clients abourt tax returns and possiblg future claims against investment advisor s who invested with Madoff. “I’m wondering if the truste e will be able to locate more than the billio plusthat he’s located, and what is the real loss,” Atlas In addition to his prison term, Madoff was orderedc to forfeit nearly $170 billion, whicuh represents the proceeds of, and property involved in certain of his crimes, according to a news release from the U.S. Departmeng of Justice.
“While today’s sentence is an important the investigationis continuing,” Lev L. Dassi, actingv U.S. Attorney for the Southern District of New said in anews release. “We are focuse on tracing, restraining and liquidating asset s to maximize recoveries forthe victims.”