U.S. District Court for the Southern District of New York Judge Denny Chin gave Bernard Madoff the maximum sentence of 150 years for 11 counts of securities fraud. Madoff has pled guilty to the charges involving a multi-billion dollar Ponzi scheme. In court, Madoff made a statement apologizing to his victims.
Chin issued a restraining order on more than $100 million in Madoff’s assets in April to prevent them from going into bankruptcy. A federal bankruptcy judge was also appointed as an interim trustee to managr Madoff’s assets ahead of legal action by victimized investors. In February, Madoff agreed to a partial judgment with the SEC. The SEC had brought civil charges to get a preliminary injunction and asset freeze against him.
Source: http://jurist.law.pitt.edu/paperchase/2009/06/madoff-sentenced-to-150-years-for-fraud.php
Tags: Bernard Madoff, SEC, securities fraud
