Bernard Madoff May Receive Life Sentence

Bernard Madoff may receive up to 150 years in prison for masterminding possibly the biggest Ponzi scheme in U.S. history. U.S. District Judge Denny Chin... More Below... Posted by on Jun 29th, 2009 and filed under News.

Bernard Madoff may receive up to 150 years in prison for masterminding possibly the biggest Ponzi scheme in U.S. history.

U.S. District Judge Denny Chin will be presiding the trial and will determine whether Madoff will spend the rest of his life behind bars. Madoff attorney’s Ira Sorkin will pleading the judge to reconsider based on the fact that Madoff may only have as little as 12 more years to live. But the persecutors maintain that the “scope, duration and nature of Madoff’s crimes” call for a 150-year term, Bloomberg reports.

Madoff, who appeared in court wearing a suit, pleaded guilty March 12 to federal charges he used funds from new investors to pay off other clients. His customers were told they had as much as $65 billion in the weeks before the fraud came to light. Madoff has been held in a jail since his guilty plea.

Bernard Madoff faces life sentence

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