U.S. District Judge Denny Chin said Madoff's breach of trust was massive, and that he lied to investors and to the SEC to buy homes, yachts and pay country club fees. He called the maximum sentence symbolic to those who might imitate the fraud and to the victims seeking relief.
"Here the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Chin said."Not a single letter was submitted in support of Madoff," Chin said. "Not friends, not family. That is telling."
Too bad no one else on Wall Street, etc. is being sued for fraud, damn it. I'd like to see more prison sentences for those that forced Americans to have to fork over tax dollars just to pay for their salaries and bonuses.
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Even with Madoff's operation, I think only one other person has been criminally charged. The two outside analysts who brought Madoff to the attention of the SEC say it's impossible that Madoff could concoct the enterprise without many co-conspirators. & the SEC was so slow to act that it ought be investigated.
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