The defence wanted 12 years, the federal probation services suggested 50 years, but Bernie Madoff got the maximum 150 years. He’ll be 221 when he’s released!
His fraud included fabricated gains of US$65 billion (close to the NZ GDP) and he literally destroyed thousands of lives.
Up until 1991 he operated legitimately, but from then on he never made any legitimate investments – he just ran all money through his business bank account and used new investors to pay out on existing ones. How he survived 17 years of audits I don’t know. Even some basis confirmation with claimed investments would have picked this up.
Madoff has refused to co-operate with authorities, and it may never be known how much, if anything, the rest of his family knew.Tags: Bernie Madoff