Business | Banking
Madoff faces possible life term for epic financial fraud
Disgraced financier Bernard Madoff is due back in court to hear his punishment for running a massive Ponzi scheme.
- AP
- Published: 10:37 June 29, 2009
New York: Disgraced financier Bernard Madoff is due back in court to hear his punishment for running a massive Ponzi scheme.
Madoff's lawyer has asked a judge to give his 71-year-old client 12 years behind bars. Prosecutors plan to seek a 150-year prison term.
Ten victims have sought permission to speak at Madoff's sentencing Monday in federal court in Manhattan. Madoff also is expected to speak.
The former Nasdaq chairman was arrested late last year after confessing to his sons that his secretive investment advisory business was a "big lie." He pleaded guilty to securities fraud and other charges in March and has been jailed ever since.
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