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Irregular Reporting of Societal IssuesSM |
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| "Get your news weakly"SM | 16 March 2009 |
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Madoff Sentencing Expected to Include Repaying InvestorsBernard Madoff, having pleaded guilty to 11 criminal counts associated with his multi-billion dollar Ponzi scheme, will face sentencing in June. According to sources close to U.S. District Judge Denny Chin, the sentence may include provisions for $170 billion in restitution, in an attempt to repay some portion of the debts to his investors. How this restitution will be made is still unclear, since Madoff has reportedly lost all the funds he had acquired through his scheme. Additionally, there are expected to be arguments regarding the degree to which the assets of Madoff's wife, Ruth Alpern Madoff, can be tied to the losses. |
In unofficial statements released through his lawyer, Ira Sorkin, Madoff has suggested that he might be able to secure full compensation for his former clients, repay the national debt, and stimulate the global economy. Madoff indicated that, were the District Court to provide him a small sum of seed money, he could use his knowledge of the market and his contacts, to double that money quickly, providing a healthy return over the long-term. The jail holding Mr. Madoff until sentencing has begun using white noise to prevent the hypnotic sound of his voice from doing further damage. In addition, guards at the jail holding Mr. Madoff have been ordered not to look into his eyes when he speaks. |
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© 2006, 2007, 2008, 2009 Lea Ann Mawler & Stuart Mawler
