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Madoff 'will not appeal' over sentence

Published on 10 Jul 2009 under category: legal

Bernard Madoff will not appeal against his conviction for fraud crimes, it has been revealed.

The former financier's lawyer commented that the 71-year-old would not be taking action to have his 150-year sentence overturned or reduced.

Ira Lee Sorkin, Mr Madoff's lawyer, said in a statement: "We are not going to be appealing. That's our decision and we have no further comment."

Last month, Mr Madoff was jailed for 150 years after pleading guilty to charges including those relating to fraud crimes.

The former non-executive chairman of the NASDAQ stock exchange, who had been involved in a Ponzi scheme worth billions of dollars, had previously asked for the judge to rule that his punishment for his fraud crimes be a 12-year prison term.

Elsewhere, recent figures released by BDO Stoy Hayward showed that the cost of reported fraud crimes during the first six months of this year stood at £960 million.