150 years imprisonment
No mercy for billionaire scammer Madoff
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Madoff, a longtime financial broker, died last April at the age of 82. With a kind of pyramid scheme, he had cheated investors out of billions for years. His victims included both private individuals and foundations, Hollywood actors and pension funds. He is considered the greatest financial fraudster in history.
Bernie Madoff used ‘Ponzi scheme’
In 2009 he was sentenced to 150 years in prison for theft, money laundering and forgery. The total damage was then estimated at around 50 billion euros. Madoff was a well-respected stock trader, but applied a “Ponzi scheme” to mutual funds: he promised (and sometimes paid) profits that came not from investment profits but from new customer deposits. The system collapsed when a customer reclaimed billions of dollars in deposits.
A year before his death, Madoff applied for parole due to kidney disease, but was denied. “When I sentenced Mr. Madoff in 2009, it was my clear intention that he spend the rest of his life behind bars,” Judge Denny Chin said.
Do you have suicidal thoughts? The telephone counseling service offers help. She can be reached anonymously, free of charge and around the clock on 0 800 / 111 0 111 and 0 800 / 111 0 222. Consultation via e-mail is also possible. A list of nationwide help centers can be found on the website of the German Society for Suicide Prevention.
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Swell: CNN, AFP
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