Bernard Madoff Asks for 12 Years
While Sir Robert Allen Stanford was being indicted in the alleged second-largest Ponzi scheme in U.S. history, Bernard Madoff’s defense team was preparing for his sentencing in the largest scheme, set for next Monday, according to the Associated Press and the Daily Telegraph. Madoff’s attorney, Ira Sorkin, has filed documents with the Court arguing that a 12 year sentence of imprisonment would be appropriate for Madoff. Madoff pled guilty in March to defrauding investors in a $50 billion Ponzi scheme which lasted for decades. He could face as much as 150 years in prison. The U.S. Sentencing Guidelines recommend life imprisonment for the offense. Mr. Sorkin cited Madoff’s voluntary surrender to authorities, his full acceptance of responsibility, his cooperation with investigators and the nonviolent nature of the offense as grounds for the low sentence. He stated that Madoff has recently met with the Inspector General of the Securities and Exchange Commission to provide the SEC with information on his conduct for the purpose of strengthening regulation and oversight of Wall Street. The filing gives statistics for the average sentences for fraud offenders who do not receive leniency (15.3 years) and cites the fact that Madoff, who is 71 years old, only has a life expectancy of another 12.6 more years.
Madoff will be sentenced by U.S. District Court Judge Denny Chin. The Court has received dozens of letters from victims urging the Court to ensure that Madoff spends the remainder of his life in prison. Mr. Sorkin stated in the filing that Madoff will speak at the sentencing regarding “the shame he has felt” and “the pain he has caused.” Eight of Madoff’s victims will also testify at the hearing.
Good move by Sorkin, but he had to have known it wouldn't have accomplished much. Aside from pleading guilty, Madoff didn't do much to help the prosecution's case.
I've read Judge Chin chose the maximum sentence for "symbolic" reasons - i.e., to scare off future Ponzi schemers.