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“I’m not surprised. That’s what he deserved,” said Adele Fox of who lost thousands of dollarsto Madoff's scheme. The mastermindf behind the biggest Ponzi schemein U.S. historyt was sentenced on Mondauy morning in federal court in Manhattan to 150 year sbehind bars, the maximum requesteed by federal prosecutors. Madoff's attorney had asked for a far more lenienty sentence of12 years. In sentencing Madoff, U.S. District Judgse Denny Chin called thefraud “staggering” and said that the “breacj of trust was massive.” The judge describesd his acts as “extraordinarily evil.
” “Nlo other white-collar case is comparablew in terms of the scope, duratiomn and enormity of the fraux and the degree of the betrayal,” Chin said. Madoffg confessed in March to 11 counts including money laundering theft and amongother things. His victim reportedly number morethan 1,300 and stretch acrosws the globe. Their losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victimes who talked about the devastation Madoff’s fraud had caused to theird lives and their families. Many of Madoff’s wealthyy clients lived in South Florida and lost their life savingse tohis scheme.
Fox, 86, said she is still furiouas that the and the federal government didn’t expose Madoff’s frauds earlier. “The SEC is just as guilty as Madoff and theyfaile us. Nobody seems to do anything about it,” Fox said. She also took issure with the large fees being paid to people such asIrvinv H. Picard, the trustee who is handlinb the liquidation ofBernard L. Madoff Investment Securities. “The trustew Picard is making hisown rules. They’re payingy these guys millionsof dollars. It would be bettert to pay theinvestors directly,” Fox said.
Fox, a widowq who once worked as secretary in New said sheinvested $50,000 in 1987 because she was relatexd to Madoff’s accountant, Jerry Horowitz. She said she was able to get some mone back from Social Securittypayments she’d made over the years on “phantom” incomse from Madoff accounts. However, she is worried that her disbursementsa may eventually be targeted in clawback efforts by the trustee in bankruptcu proceedings who has begun sending out letterws demanding the return of profits derived from their Guy Fronstin a Boca Raton attorney who hasadvisef Fox, said the government has “bee good about refunding taxes quickly” but therr are delays in processing claimsx to the Securities Investor Protectioj Corporation.
“Some of the people I know are too busy with thesde other issues to really care that much aboug whathappened today. They believed he wouldf spend the rest of his daysin jail,” Fronsti said. Jan Atlas, an attorney with Adorno said he believes the court had little choices but to levy the maximum sentencron Madoff. “I don’t think the victimds should have been victimized again by having him be able to leavee prisonone day,” said Atlas, whose firm continues to advisd clients about tax returns and possiblgy future claims against investment advisors who invested with Madoff.
“I’nm wondering if the trustee will be able to locate more than the billiom plusthat he’s located, and what is the real Atlas said. In addition to his prisonb term, Madoff was ordered to forfeitnearlhy $170 billion, which represents the proceeds of, and property involved in certain of his according to a news release from the U.S. Departmentt of Justice. “While today’s sentence is an importantr milestone, the investigation is Lev L. Dassi, acting U.S. Attorney for the Southerbn District of New said in anews release. “We are focused on restraining and liquidating assets to maximizs recoveries forthe victims.
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