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help@frenkels.comA judge yesterday sentenced Bernard Madoff to the maximum term of 150 years in prison for the biggest fraud in the history of Wall Street.
Madoff’s victims who were in the courtroom broke into applause when they learnt that the former Nasdaq chairman, whose firm once accounted for 10 per cent of the trades on the New York Stock Exchange, would die behind bars.
Madoff, 71, standing with his hands clasped at his waist, showed no obvious reaction as the verdict was read.
Judge Chin said that Madoff’s $65 billion pyramid scheme exceeded all sentencing guidelines, which stop at frauds of $400 million.
Madoff was forced to listen to nine irate investors berate him. He psychoanalysed himself by saying that he just did not want to fail.
Because of the length of his sentence, Madoff will not qualify to serve his time in a minimum-security prison camp with no perimeter fence.
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