Bernie+Madoff+Crime+and+Punishment

What Did Madoff Do That Was Ilegal? There were many aspects of the Madoff scheme that were illegal. First of all, Madoff made false statements to cover up his other crimes. His other crimes include mail fraud, the act of illegaly obtaining money using the postal service, wire fraud, the act of illegaly obtaining money using electronic devices, and money laundering, the act of disguising the origins of illegaly obtained money. Madoff also broke confidentiality agreements. Court Case  On March 12, 2009 Madoff pleaded guilty to 11 federal crimes. Pleading guilty in court means admitting to all of the crimes he was accused of. Madoff also admitted that he began his ponzi scheme in 1991 and he was soley responsible for it. Despite this claim, some of Madoff's other acossiates such as his accountant and his right hand man were charged. Both men pleaded guilty. Judge Chin, the judge presiding over the Madoff case, was asked by Madoff's lawyers to sentence Madoff to seven years because of his old age. But instead the judge sentenced Madoff to 150 years which is the maximum sentence. Madoff apologized to his victims by saying, "I have left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren. This is something I will live in for the rest of my life. I'm sorry." He added, "I know that doesn't help you,"

Judge Chin

What was Madoff's punishment? As a result of Madoff commiting multiple crimes he was sentenced to 150 years in The Federal Correctional Institution Butner Medium in Butner, North Carolina. Seeing that Madoff is 73 years old and still has 148 years left on his sentence Madoff will definitely spend the rest of his life in prison. Madoff's lawyer asked the judge to recomend the Federal Correctional Institution Otisville, which is a less secure prison, but the judge decided not to. On October 13, 2009 Madoff was involved in his first prison fight with another senior inmate. Also as part of Madoff's punishment, all the money he made off the scheme was taken away by the government as a part of the claw back. The claw back is the government effort to retrieve all the money that investors lost in the scheme. The trustee in charge of it is a government employee named Irving Picard. For more information on Madoff's life in prison [|click here.]

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