Madoff Gets the Max: 150 Years

But he is in the doghouse with Ruth

(NEWSER) - The New York Post got a little excited on today's front page, promising a look "Inside Madoff’s Prison Hell." But that turns out to be a bit of wishful thinking: “Some of the guys were talking about smacking him around a little, just to get the notoriety of it,” says a source, but no beatdown actually occurred—and in fact, the Post reports, “he got a lot of respect from other inmates” for not being a snitch. More»

(NEWSER) - A high-flying New York lawyer who orchestrated a Ponzi scheme to fund his lavish lifestyle has been sentenced to 20 years in jail, the New York Times reports. Marc Dreier pleaded guilty to charges including conspiracy and securities fraud relating to the scam, which bilked hedge funds and other investors of some $400 million. Prosecutors had asked for a sentence of 145 years, just 5 years short of the 150 years Bernard Madoff was slapped with. More»

(NEWSER) - Bernard Madoff’s high profile and long sentence will likely land him in a medium- or high-security prison, Bloomberg reports. Though previous white-collar criminals have spent terms at federal prison “camps,” any sentence longer than 10 years makes an inmate ineligible for that cushy treatment. Insiders also say the risk to Madoff from other inmates means he will be placed in a more controlled environment. More»

(NEWSER) - Investigators have only recovered $1.2 billion of the $13.2 billion bilked from investors by Bernard Madoff since 1995, reports the Wall Street Journal. Eligible victims may be compensated up to $500,000 by the Securities Investor Protection Corp., but the rest will have to come from whatever investigators can find. Trustees say Madoff hasn't provided "meaningful cooperation" to help them locate the vanished loot. More»

Sorkin says court must resist 'mob vengeance'

(NEWSER) - Bernard Madoff’s lawyer says his client shouldn’t be jailed for life for his $65 billion Ponzi scheme, Reuters reports, urging the sentencing judge in a letter not to heed calls from victims for “mob vengeance.” A 12-year sentence would be enough, though 15-20 years wouldn’t be “disproportionately punishing” his client, writes Ira Sorkin. More»