Madoff to be sentenced today

29 June 2009

Bernard Madoff faces sentencing for his part in a $50 billion investment fraud today and faces spending the rest of his life in jail.

The 71-year-old financier pleaded guilty to 11 charges in March relating to defrauding thousands of people and is due to read a statement before the judge's decision is announced in US District Court in Manhattan today.

He will be sentenced for operating a Ponzi scheme in which many investors lost their life savings and could receive a sentence totalling up to 150 years for crimes including money laundering and perjury.

Prosecutors have stated that they plan to seize his and his wife's assets as restitution and he was stripped of his assets at a previous hearing.

Victims have appealed to the judge in letters for Madoff to receive the maximum sentence possible for his crimes.

Mr Madoff, a former chairman of the Nasdaq stock exchange, was recently described in the New York Times as "an elder statesman on Wall Street", but one whom, according to former FBI agent Gregg O'McCrary, harbored some of the characteristics seen in a psychopath.

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