WHOOPS OF joy and a thunderous applause erupted in the normally staid federal courtroom in downtown Manhattan yesterday as Bernard Madoff, mastermind of the biggest financial fraud in history, was sentenced to 150 years behind bars.
“Justice has been done,” said Maureen Ebel (61), who lost her entire life savings to the Madoff Ponzi scheme. “This is a happy day for all of us victims. We have not got our money back, but we have satisfaction to know that the justice system has not failed us.”
Madoff (71) was led from “the tombs” – the Manhattan holding cells that house offenders awaiting sentencing – at about 9am. He wore his trademark dark suit, white shirt and dark tie rather than the overalls such prisoners normally wear.
Crowds began to gather outside the imposing federal court building at about 6.30am as many members of the public wanted a chance to get one of the 250 public seats available for the most talked about hearing since Martha Stewart, a television personality and publisher, was jailed in 2004.
Once in court Madoff sat still, his eyes lowered, as victims came before the judge to tell how the $65 billion fraud had affected them.
Many, like Mrs Ebel, had lost their homes, millions of dollars of investments saved over a lifetime and their security. “I am working full-time today,” said Mrs Ebel. “I worked hard all my life – I was retired, now I have to go out to work just to keep a roof over my head, because that man stole my money,” she added.
“How could somebody do this to us? How could this be real? We did nothing wrong,” said Dominic Ambrosino, a retired New York City corrections officer. “We will have to sell our home and hope to survive on social security alone.”
Tom Fitzmaurice (63) called Madoff “an evil low-life” and said: “You have left your children with a legacy of shame.” He added: “He has shown no remorse . . . His crime was premeditated and calculated. He was planning to scam investors days before his arrest. If he could, he would still be stealing from investors. He cheated investors out of money so that he had his wife Ruth and two sons could live a life of luxury.”
Other victims described how they were forced to exist on food stamps and charity since losing everything.
Judge Denny Chin said it was difficult for him to evaluate Madoff’s crimes for sentencing, such was the scope of his fraud. “Not a single letter was submitted in support of Madoff. Not friends, not family. That is telling. The message must be sent that Madoff’s crimes were extraordinarily evil . . . the message must be sent in society governed by rule of law that Mr Madoff will get what he deserves.”
Madoff also addressed the court, but appeared to elicit no sympathy.
“How do you excuse deceiving investors . . . and 200 employees? How do you excuse lying to my sons and two brothers? How do you excuse lying to a wife who stood by you for 50 years and still stands by me? There is no excuse for that.” Madoff then slowly turned to face his victims and said: “I’m sorry.”
In March, Madoff pleaded guilty to 11 counts of fraud.
Investigators do not know how much was stolen, according to court papers, but prosecutors claim $170 billion flowed through the principal Madoff account over the years. Victim Sheryl Weinstein perhaps left the greatest impression on the court. Ms Weinstein said she didn’t lose any money – she had it stolen by a monster. “That monster has a name,” she said. “Madoff. He walks among us. But he is a beast who has fed upon us to satisfy his own needs. I am asking your honour to keep him in a cage.”