Thread: Madoff sentenced to 150 years.

Click link for full article.

http://www.reuters.com/article/topNe...edName=topNews

By Grant McCool and Martha Graybow

NEW YORK (Reuters) - Disgraced financier Bernard Madoff was sentenced to 150 years in prison on Monday for perpetrating Wall Street's biggest and most brazen investment fraud, the maximum punishment for what the judged called an extraordinarily evil crime.

Cheers and applause came from the courtroom -- filled with his fleeced investors -- as the judge handed down the penalty.

Madoff, 71, stood passively with his hands clasped at his waist, showing no reaction when he heard the sentence that will send him to prison for the rest of his life.

He was escorted out of the courtroom by federal marshals but not handcuffed. It was not yet known where Madoff will serve his sentence. He has been held in a small Manhattan jail cell for the past three months.

U.S. District Judge Denny Chin in Manhattan said the symbolism of a 150-year prison sentence was important, given the magnitude of the breach of trust over decades. He pronounced the punishment after hearing emotional statements from nine victims, some of whom said they had lost their life savings, were forced to sell their homes and feared an old age in poverty.

"The fraud here was staggering," Chin said before imposing a sentence equal to the maximum allowed for each of 11 crimes to which Madoff pleaded guilty in March.

Madoff sat passively throughout the hour-and-a-half hearing as his victims called him a "beast," an "animal" and a lowlife. He wore his signature dark gray suit and black tie instead of the jail uniform he has worn since being taken into custody in March.

The confessed swindler apologized to his victims, at one point briefly turning in their direction while he spoke.

"I will live with this pain, with this torment, for the rest of my life," he said in calm, measured tones. "I live in a tormented state knowing the pain and suffering I have created."

Victims detailed their losses, many imploring Judge Chin to impose the maximum sentence in a maximum security prison. Chin said he cannot decide where the sentence will be served; that determination is left to the federal prisons bureau.

"I only hope that his prison sentence is long enough so that his jail cell will become his coffin," said Michael Schwartz, 33, who said his family had been robbed of savings that were to be used to care for his mentally disabled brother.

You wouldn't know it by reading the thread titles, but Jason_Jinx already posted this.

Something about the death of capitalism.

Originally Posted by Consultant

You wouldn't know it by reading the thread titles, but Jason_Jinx already posted this.

Something about the death of capitalism.

I must have thought it was one of those bashing threads :P That's why I didn't see it :P

Originally Posted by Consultant

You wouldn't know it by reading the thread titles, but Jason_Jinx already posted this.

Something about the death of capitalism.

LOL

Its obvious you cannot read.

but that is your strategy for the forums. Make up some bullshit and run with it.