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125-year fraud crimes sentence for Madoff

Published on 30 Jun 2009 under category: legal

The man behind billions of dollars worth of fraud crimes has been sentenced to 150 years in prison.

Bernard Madoff pleaded guilty to eleven counts, including those involving fraud crimes, perjury and false reporting.

However, the 71 year old, who was behind a Ponzi scheme worth a reported $65 billion (£40 billion), had asked for a 12-year sentence, while those affected by his actions demanded life.

Judge Denny Chin gave Mr Madoff the maximum possible term of 150 years for the white collar crimes, with the judge stating before passing sentence that over 100 of those defrauded had written to him detailing their experiences with the former financier.

The judge added: "I simply do not get the sense that Mr Madoff has done all that he could or told all that he knows."

In other news, two men were recently involved in a fraud crimes case relating to a takeover of Derby County Football Club.

Andrew Mackenzie and Murdo Mackay were found guilty of claiming commission of £440,625 after brokering a loan for the club.