Bernard Madoff, who defrauded investors out of billions of dollars, has been sent to prison for the rest of his life.
“It is the judgment of this court that Bernard Madoff should be sentenced to 150 years in jail,” Judge Denny Chin said as he handed down the maximum term possible on 11 charges of fraud, theft and perjury.
The disgraced financier, Madoff, 71 told his victims in court: “I live in a tormented state knowing the pain and suffering I have created,”
The Bernard Madoff scam affected both karge institutions such as UBS and Banco Santander as well as private investors around the globe, including celebrities such as Steven Spielberg. The scam duped them into investing in his Ponzi scheme – an illegal operation that pays investors with the money of new ones rather than with genuine profits.
Madoff pleaded guilty to securities fraud and other charges in March and had been jailed since. He has since become a symbol of the Wall Street greed that has led to the global financial crisis currently sweeping the globe.
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