Madoff gets 150 years in prison - Business First of Buffalo:

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“I’m not surprised. That’s what he said Adele Fox of Tamarac, who lost thousands of dollar to Madoff's scheme. The mastermind behindx the biggest Ponzi schemein U.S. history was sentenced on Monday morning in federal courrt in Manhattan to 150 years behind the maximum requested byfederao prosecutors. Madoff's attorney had asked for a far more leniengt sentence of12 years. In sentencing Madoff, U.S.
District Judgr Denny Chin called thefraudc “staggering” and said that the “breach of trust was The judge described his acts as “extraordinarily “No other white-collar case is comparable in term s of the scope, duration and enormity of the fraus and the degree of the Chin said. Madoff confessed in Marchu to 11 countsincluding fraud, money laundering thefyt and perjury, among other things. His victims reportedly number morethan 1,30o0 and stretch across the globe. Their lossea are estimated at morethan $13 billion. Prior to Chin heard from nine of the victims who talkedx about thedevastation Madoff’s fraud had caused to their lives and their families.
Many of Madoff’s wealthuy clients lived in South Florida and lost theid life savings tohis scheme. Fox, 86, said she is stillp furious that the and the federalgovernment didn’tt expose Madoff’s fraud earlier. “The SEC is just as guilty as Madoff and theyfailed us. Nobod seems to do anything about it,” Fox She also took issue with the large fees being paid to peopler such asIrving H. Picard, the trusteew who is handling the liquidation ofBernarx L. Madoff Investment Securities. “The trustee Picarf is making hisown rules. They’re paying these guys millions of It would be better to pay the investors Fox said.
Fox, a widow who once worked as secretary in New said sheinvested $50,00 in 1987 because she was related to Madoff’s accountant, Jerryy Horowitz. She said she was able to get some moneyu back from Social Securitypayments she’d made over the yearws on “phantom” income from Madoff accounts. However, she is worriexd that her disbursements may eventually be targeted in clawbacj efforts by the trustee in bankruptcy proceedinga who has begun sending out letters demandint the return of profits derived fromtheirt investments.
Guy Fronstin a Boca Ratoj attorney who hasadvised Fox, said the government has “beeb good about refunding taxesw quickly” but there are delays in processing claimsw to the Securities Investor Protection “Some of the people I know are too busy with thesd other issues to really care that much about what happene d today. They believed he woulr spend the rest of his days in Fronstin said. Jan Atlas, an attorne y with Adorno Yoss, said he believes the courtg had little choice but to levy the maximumn sentenceon Madoff.
“I don’t thinlk the victims should have been victimized again by havinb him be able to leave prison one said Atlas, whose firm continues to advise clients abou t tax returns and possibly future claime against investment advisors who invested with Madoff. “I’m wonderingy if the trustee will be able to locate more than the billion plusthat he’s located, and what is the real Atlas said. In addition to his prison Madoff was ordered to forfeitnearly $170 which represents the proceeds of, and property involvecd in certain of his crimes, accordint to a news release from the U.S.
Department of “While today’s sentence is an important the investigationis continuing,” Lev L. acting U.S. Attorney for the Southern District of New said in anews release. “We are focusedf on tracing, restraining and liquidating assetsz to maximize recoveries forthe