LONDON (ShareCast) - Convicted fraudster Bernard Madoff is expected to be sent to jail for the remainder of his life today as sentence is handed down on his $50bn (£30.3bn) ponzi-style investment fraud.
Madoff,71, who pleaded guilty
in March, could face a sentence of up to 150 years, though his lawyer has asked for a lenient 12 years to reflect his life expectancy. Legal experts predict that Judge Chin will sentence Madoff to a minimum of 20 years.
The hearing, which starts at 2pm UK time, is likely to be packed with investors who lost money in the fraud, including some who lost everything. The indictment suggests over 1,300 account-holders lost about $13bn in the fraud.
Eleven of Madoff's victims have asked the court if they can speak at the hearing and are likely to reveal in some detail the impact the fraud has had on them. Madoff will read a statement before sentencing.
Madoff's wife Ruth, who has not been charged, last week forfeited all of her property except for $2.5m, which she has been allowed to keep.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
