Saturday, June 27, 2009

A dozen years for a $50 billion Ponzi scheme

Get this, Madoff's attorneys are asking that Bernie be sentenced to a mere 12 years in prison for running the World's largest Ponzi Scheme (other than Social Security that is)! They are arguing that because Bernie turned himself in to his sons and is cooperating with officials, 12 years is sufficient. One of his attorneys, Ira Sorkin, also argued that because the norm is 15 years for white collar crimes, Bernie's sentence shouldn't deviate from that time frame by much.

Meanwhile, Bernie's prosecutors are asking for the maximum sentence for the crimes he has admitted to -- 150 years. They are arguing that since this fraud went on for a generation and was so enormous in scope that Bernie should get the maximum sentence. Apparently, Bernie's victims wrote numerous letters that appear to agree with the prosecutors.

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