For being ‘extraordinarily evil,’ billion fraudster Bernard Madoff gets the maximum prison sentence of 150 years. His crime, one of the most talked about in recent history, is ‘masterminding a massive fraud that robbed investors of $50 billion.’

The 71 year old man had earlier asked for 12 years in prison for his crimes. Madoff has 10 days to decide whether to appeal his sentence.

Madoff ‘forfeited rights to assets totaling $170 billion.’ According to prosecutors, this amount ‘passed through his investment firm over the years.’ His wife is stripped of wealth, as well. Madoff’s wife Ruth also agreed to forfeit $80 million in assets which include pieces of property in New York, Florida, and Manhattan. She is, however, allowed to retain $2.5 million in cash.

According to court documents, the amount of $150 billion ‘represents the total amount of money that could be connected to the fraud.’ According to prosecutors on the case, ‘losses identified as fraud currently exceeded $13 billion.’

Madoff’s case is a showcase of the ‘crumbling wreckage of the US’s system of financial regulation.’ The reason why Madoff was able to undertake his mega cheating career was because of the fundamental weakness in ‘the way the US polices its financial markets and the players in them.’ Madoff was ‘able to run the biggest Ponzi scheme in history’ right in the much-touted financial epicenter of the world.

Image

Via BBC