Bernie Madoff has been sentenced to 150 years in jail. He is the culprit for the most brazen ponzi scheme in history. He also was ordered to pay back $170 billion in restitution. The massive Ponzi scheme run by Madoff since at least the early 1990s demolished the life savings of thousands of people, wrecked charities and shook confidence in the U.S. financial system.
U.S. District Judge Denny Chin received over a hundred letters addressing the trial and not one of them was a positive letter regarding Madoff. They were all letters of people that bought into this ponzi scheme. The Sec was alerted for ten years regarding the illegitimacy of Madoff Investments. Madoff continually paid our 12 to 14% interest to his investors without ever having a down year. This is just impossible and the failure of the financial governing body to rectify the situation is an abomination.
Madoff was given an opportunity to address the clients of whose lives he ruined. He spoke for about 10 minutes and merely expressed his fraud as "errors in judgement" and a "tragic mistake." There was no one safe from this villain's scheme. He stole from the rich and the poor. He will spend the rest of his life in jail.
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