Bernie Madoff sentencing (part 1)

June 29, 11:20 PMUS Headlines ExaminerCharisse Van Horn

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Bernie Madoff stood before District Judge Denny Chin on June 29, 2009 to receive sentencing. On March 12, 2009, Bernie Madoff had pled guilty to eleven counts of securities fraud, money laundering, making false statements, perjury, investment advisor fraud, wire and mail fraud, theft from employee benefit funds, and filing false documents with the SEC. Judge Denny Chin began the proceedings by clarifying the possible sentencing against Madoff. He stated that the possibility of life imprisonment was not applicable since none of Madoff convictions carried a life sentence. The most serious count that Bernie Madoff had been convicted of carried a maximum of 20 years in prison.

Judge Denny Chen then explained how the sentencing would consist of consecutive terms until the total punishment was executed. The maximum sentence that Bernie Madoff could receive was not life imprisonment, but rather 150 years. This was calculated from each maximum sentence being added or stacked up. Judge Chen also explained that the Probation Department recommended a sentence of 50 years, but that it was his responsibility to impose a sentence that is reasonable and fair.

The first part of sentencing involved hearing from Bernie Madoff’s victims. Judge Chen stated that he had received several hundred written statements including statements sent through Email. There were nine victims present that spoke before Bernie Madoff’s sentence was handed down. The first victims to speak were Mr. And Mrs. Ambrosino.

Mr. Ambrosino stated that he was a retired New York City Correction Officer and with all of the time he had spent inside a courtroom, never imagined that he would find himself in the position of being a victim. Mr. Ambrosino went on to explain how the nightmare began December 11, 2008, when he heard the news. Mr. Ambrosino had realized immediately the ramifications and that they had lost all of their money, their entire life savings. They had sold their home and had invested the money in Madoff. Though Mr. Ambrosino had retired and was receiving his pension. Due to Bernie Madoff’s crimes, they have no credit, cannot obtain a mortgage, and do not have the resources to purchase a new home. Mr. Ambrosino summed up his testimony by stating that the greatest thing that Bernie Madoff stole from them was their freedom. He requested that Bernard Madoff be punished to the fullest extent of the law.

The next victim to speak was Maureen Ebel. She explained that she lost her entire life savings to Bernard Madoff’s scam. She is 61 years old and working full time. Since she lost her savings, she has sold many of her possessions, has worked three jobs at one time, and lost the home she shared with her husband for 25 years. Maureen Ebel explained that many of the things she has lost were more than finances alone. She no longer has the resources to allow her the freedom to donate to charity, to volunteer her time to charity, or to help her family with education or housing needs. The physical and emotional toll that Maureen Ebel had experienced placed a great toll on her health. While dealing with the signs and symptoms of extreme stress, she was required to continue working. Maureen Ebel sold her home, her possessions, and accepted charity to make ends meet.

Mrs. Ebel then spoke to the Judge regarding Bernie Madoff’s sentencing. She said,

Mr. Madoff, I have read you will be making a statement about your guilt and shame. I do not believe you. Judge Chin, Mr. Madoff should stay in jail until every person who enabled him to cause such a massive devastation is brought to justice. He should stay in jail until the families of every one of his victims are able to restore their financial stability. That could easily take 150 years. Thank you.