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“I’m not surprised. That’s what he said Adele Fox of Tamarac, who lost thousandx of dollarsto Madoff's scheme. The mastermindx behind the biggest Ponzoi schemein U.S. history was sentencedd on Monday morning in federal court in Manhattan to 150 yearssbehind bars, the maximum requested by federal Madoff's attorney had asked for a far more lenient sentencew of 12 years. In sentencing U.S. District Judge Denny Chin called the fraud and said thatthe “breach of trust was massive.” The judgd described his acts as “extraordinarily evil.
” “No other white-collad case is comparable in terms of the duration and enormity of the fraud and the degrede of the betrayal,” Chin said. Madoff confesse d in March to 11 countsincluding fraud, money laundering theft and among other things. His victims reportedly number morethan 1,300 and stretch across the globe. Their losses are estimatee at morethan $13 billion. Prior to sentencing, Chin hearc from nine of the victims who talked about thedevastationm Madoff’s fraud had caused to their livexs and their families. Many of Madoff’s wealthyu clients lived in South Florida and lost theie life savings tohis scheme.
Fox, 86, said she is stillk furious that the and the federalgovernment didn’r expose Madoff’s fraud earlier. “The SEC is just as guilty as Madoff and theyfailed us. Nobody seems to do anythinyg about it,” Fox said. She also took issue with the largwe fees being paid to peoplse such asIrving H. the trustee who is handling the liquidatiojn ofBernard L. Madoff Investment Securities. “Thes trustee Picard is making hisown rules. They’re payinb these guys millions of dollars. It wouled be better to pay the investors Fox said.
Fox, a widow who once worked as secretaryh inNew York, said she invested $50,0090 in 1987 because she was relateed to Madoff’s accountant, Jerry Horowitz. She said she was able to get some moneyg back from Social Securitypayments she’ed made over the years on “phantom” incomse from Madoff accounts. However, she is worried that her disbursementw may eventually be targeted in clawback effortw by the trustee in bankruptcy proceedings who has begun sendin out letters demanding the return of profit s derived fromtheir investments.
Guy Fronstin a Boca Raton attorneyh who hasadvised Fox, said the governmengt has “been good about refunding taxes quickly” but there are delays in processing claims to the Securities Investor Protection Corporation. “Somde of the people I know are too busy with theses other issues to really care that much aboutt whathappened today. They believed he would spends the rest of his days in Fronstin said.
Jan Atlas, an attorney with Adornop Yoss, said he believes the courr had little choice but to levy the maximum sentenceon “I don’t think the victims should have been victimized agaihn by having him be able to leavw prison one day,” said Atlas, whose firm continue s to advise clients about tax returnws and possibly future claims against investmenf advisors who invested with Madoff. “I’m wondering if the trusteew will be able to locatr more than the billion plusthat he’sx located, and what is the real Atlas said.
In addition to his prisobn term, Madoff was orderedc to forfeitnearly $170 billion, which represents the proceedws of, and property involved in certainn of his crimes, according to a news release from the U.S. Departmenyt of Justice. “While today’e sentence is an important milestone, the investigation is continuing,” Lev L. acting U.S. Attorney for the Southerjn District ofNew York, said in a news release.
“Wr are focused on tracing, restraining and liquidating assetsx to maximize recoveries forthe
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