The Jewish Chronicle
On this day: Bernie Madoff sentenced
June 29 2009: 150 years behind bars
June 29, 2011 08:28
June 29 2009: 150 years behind bars
June 29, 2011 08:28It was described as the fraud of the century, the worst financial crime of the recession, and much, much more. The multi-billion dollar fraud scheme the financier landed Bernie Madoff a 150 year sentence; his legal team had asked for just 12.
Three months earlier, Madoff pleaded guilty to a stream of offences including money laundering and perjury which amounted to almost $50 billion of investment fraud. Accounts by Madoff victims – many who had lost their life savings – were read out in court before the sentencing.
For his victims, it was in many cases too little, too late. More than 13,000 people lost money through the collapse of his firm Madoff Securities, including Jewish organisations from Hadassah and Yeshiva University to the American Committee for Shaare Zedek Medical Centre in Jerusalem.
The Holocaust survivor and human rights campaigner Elie Wiesel lost £15 million for his foundation and he and his wife lost their life savings. Mr Wiesel later described the fraudster as a "thief, scoundrel, criminal".
