Prosecutors seek life sentence for Madoff (1)
NEW YORK — Swindler Bernard Madoff should spend the rest of his life in prison, U.S. prosecutors argued Friday, citing the “unique scope and duration” of his crimes as the leader of Wall Street’s biggest fraud.
Madoff will be sentenced on Monday after pleading guilty in March to 11 criminal charges including securities fraud, money laundering and perjury in an investment scheme involving tens of billions of dollars.
“Madoff’s crimes were of extraordinary dimensions,” the prosecutors’ memorandum to a Manhattan federal court judge said. “For example, the fraud loss known to date, which is greater than $13-billion, is more than 32 times the baseline level that would carry a sentence of life under the U.S. sentencing guidelines.”
It said about $170-billion flowed into the principal account used by Madoff in his decades-long scheme. It said he bilked thousands of people and caused economic hardship to individuals, charities and for-profit institutions.
“A reasonable sentence in this case would be the guidelines sentence of 150 years, or alternatively, a term of years that both would assure that Madoff will remain in prison for life, and forcefully would promote general deterrence.”
The uncovering of the scheme and Madoff’s arrest in December led to calls for stricter oversight of firms.
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Updates:
12:22 pm EDT, June 27th, 2009 — Madoff Ordered to Forfeit More Than $170 Billion
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[...] NEW YORK — Swindler Bernard Madoff should spend the rest of his life in prison, U.S. prosecutors argued Friday, citing the “unique scope and duration” of his crimes as the leader of Wall Street’s biggest fraud. …Continue Reading [...]
Posted on September 13th, 2009 at 4:14 am