Posted on 07/09/2009 8:55:33 AM PDT by nickcarraway
Arch swindler Bernard Madoff will not appeal the 150-year prison sentence he received for masterminding a global multibillion-dollar investment fraud, his main lawyer said on Thursday.
Madoff, 71, was sentenced on June 29 by U.S. District Court Judge Denny Chin to an effective life term for Wall Street's biggest swindle and had the right to appeal to the U.S. Court of Appeals for the 2nd Circuit in New York.
"We are not going to be appealing," Madoff's main lawyer Ira Lee Sorkin said. "That's our decision and we have no further comment."
The disgraced financier is jailed in a cell close to the Manhattan federal court where he pleaded guilty in March to criminal charges, including securities fraud, money laundering and perjury that together carried penalties of 150 years.
His sentence was the stiffest handed down for big-time white collar crime compared with corporate scandals of recent years involving executives of WorldCom, Enron and Adelphia, Refco and the Bayou hedge fund.
The Federal Bureau of Prisons has not yet assigned Madoff a prison, which is expected to be a medium security facility where drug dealers and gangsters are also incarcerated.
At the sentencing proceeding, where angry defrauded investors described their financial ruin, Sorkin asked that Madoff be imprisoned at the Federal Correctional Institution in Otisville, New York. The prison, about 70 miles northwest of New York City houses 1,100 inmates.
Madoff, who was arrested by the FBI in December, has not named accomplices in the classic "cash in, cash out" fraud that prosecutors said was as much as $65 billion. His lawyer disputes the amount lost.
(Excerpt) Read more at reuters.com ...
Enjoy the bighouse there Bernie ^5
If Madoff wants to be sent to Otisville, don’t send him there. Send him to a federal prison as far away from New York as possible. Let his family, who undoubtedly benefitted from hic swindles, pay for transportation to visit him.
If he goes into a maximum security facility hopefully he will be in a box 23 hours a day, with an hour to walk around a postage stamp sized exercise area. Failing that, put him in general population so that the convicts get a chance at him. I would bet that a lot of the money he stole from people would be extorted from him. That seems fitting, especially if they smack him around a little.
Meh, with good behavior, he will be eligible for parole in 75 years... /sarcasm
"...a full-time rabbi and "one of the largest and most active religious programs for Jewish inmates in the Bureau of Prisons," according to Alan Ellis, a prison consultant and author of the "Federal Prison Guidebook." It is also one of the closest medium-security prisons to New York City, where Madoff has family."
Gitmo, maybe??? General population with the Islamo-fascists???
Besides, even if they offered parole after twenty years the odds are he wouldn't make it.
IOW Madoff won.
Madoff was and is in control even at the end.
This scumbag is protecting his accomplices.
He will continue to run the operations from prison.
Two reasons: 1) he doesn’t have any money
2) the sentence reduction rate in the federal system is about 4% no matter how much money you spend.
He’s better off giving classes on business ethics to the cons.
agreed.
So what is the over under on how long Bernie remains warm?
Also on whether or not it is suicide?
He should appeal just to keep up the right of appeal.
I’ll bet you he is out in 6 months.
I can’t imagine it’s out of spite - but I can imagine his wife/children/grandchildren being protected OR that someone else already has the money, and he’s just given up.
Because he wants Ruth to SKATE FREE...his sons also....and it looks like they will!
Madoff Will Not Appeal 150-Year Sentence: LawyerSmart move Bernie. Say you appeal and win. Your sentence gets reducted to 30 years.
But since you're 72, what's the diff? Youze gonna die in prison anyway -- ha-ha!
Btw, meet your new cellie, Juan, from MS-13. Have fun Bernie.
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