Be lenient to Madoff, judge is urged

Bernie Madoff’s lawyer asks the sentencing judge to ignore calls for ‘mob vengeance’

FIRST POSTED JUNE 24, 2009

With Bernie Madoff finally due to be sentenced in New York next Monday by Judge Denny Chin, his lawyer has written to the judge urging him not to give into "mob vengeance" and impose a lengthy jail sentence. Instead, a relatively light sentence of 12 years is appropriate, says attorney Ira Sorkin - because statistics show that the 71-year-old swindler is unlikely to live for more than another 13 years.

Madoff faces a sentence of anything up to 150 years' jail for his $65 billion Ponzi scam, which saw many investors lose their life savings.

More than 100 victims have written asking Judge Chin to impose the harshest sentence possible. Jerry Reisman, who represents 16 victims, told the New York Times: "Madoff should never see the light of day and in fact be sentenced to hard labour."

Sorkin's request for leniency is based on the argument that Madoff essentially turned himself in, rather than continuing the fraud or fleeing the country, when he admitted to his sons late last year what he had been up to. Since then, Madoff had helped investigators in their efforts to recover funds for his victims.

Sorkin also cited figures from the Social Security Administration which suggest that a man of Madoff's age and health has only 13 more years to live. Based on that figure, Sorkin said a prison sentence of 12 years - just short of an effective life sentence - would "sufficiently address the goals of deterrence, protecting the public, and promoting respect for the law without being 'greater than necessary' to achieve them."

Sentencing is due to take place at 10 am on June 29 at the Manhattan Federal Courthouse. The hearing will be in a ninth-floor ceremonial courtroom which can hold up to 250 people.

Madoff has told his lawyer he wants to address the court. "Mr Madoff will speak to the shame he has felt and the pain he has caused," said Sorkin.

FIRST POSTED JUNE 24, 2009

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I was not personally harmed by Madoff nor do I not ask for mob vengeance; only for justice for the man who ruined so many lives; a justice that will say to others: Do Not Do This!

Posted by MHF at 1:35pm on June 24, 2009

Madoff should be released immediately and given an honorary knighthood by the Queen as a reward for his honesty and candour. He has done only that which is now being done by governments around the World, including the USA. He has only ripped off a few people who are (no, were) rich in the first place. He has not invaded another country and any collateral damage can be put down to 'stuff happens'. If anyone believes that stock markets and financial institutions are anything but giant Ponzi schemes they are living in cloud cuckoo land. Why can't he be given a licence to print money like his government? It could be argued that his creation of notional paper wealth added to the general wellbeing of many people, including his employees and all those stupid intermediaries and dimmies who believed him. His only sin was to run out of time, totally beyond his control. That, of course, may be about to happen to the World economy. Poor old Madoff, he's been made a scapegoat.

Posted by Daniel Pallant at 2:37pm on June 24, 2009

Daniel Pallant said "If anyone believes that stock markets and financial institutions are anything but giant Ponzi schemes they are living in cloud cuckoo land. Why can't he be given a licence to print money like his government?" Oh dear, Daniel. What a silly boy you are. By all means offer opinions, but please try to make sure you understand the basics of the subject. To suggest Stock markets and financial institutions are Ponzi schemes is silly, just plain nonsense. Many people find it difficult to understand why it makes sense for banks to create money...because many people have a wrong understanding of what money is. It sounds like you are a bit of a lefty , lacking in undersatnding and unconcerned whether what you say makes sense, as long as you can let off steam. Further quote "His only sin was to run out of time, totally beyond his control. That, of course, may be about to happen to the World economy. Poor old Madoff, he's been made a scapegoat". You just don't understand, do you?

Posted by TomNightingale at 5:26pm on June 24, 2009