Madoff: The longest white-collar sentence ever?

This morning, U.S. District Judge Denny Chin sentenced Bernard Madoff to the maximum 150 years in prison for a multibillion-dollar Ponzi scheme that robbed thousands of people of their life savings.

From AP:

"Here the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Chin said.

Surprisingly, Madoff's massive sentence is now only the third-longest sentence for a white-collar crime, according to Forbes. Some of Madoff's company behind bars:

— In 2000, Sholam Weiss, 55, was sentenced to 845 years and ordered to pay $300 million in restitution for "racketeering, wire fraud and money laundering in the $450 million collapse of National Heritage Life Insurance."

— In 2008, Norman Schmidt, 74, was sentenced to 330 years for operating a fraudulent investment pool and using the money to buy NASCAR race cars and real estate in Colorado.

— In 2001, Frederick Brandau, 64, was sentenced to 55 years for a relatively paltry $117 million Ponzi scheme in Florida.

Last week, Ira Lee Sorkin, Madoff's lawyer, asked the court for a 12-year sentence, basing his argument on his client's advanced age. At 71 years old, Madoff's average life expectancy is only 12.6 more years, according to Sorkin. Madoff's victims scoffed at his request, in particular, Candace Newlove of Colorado. Newlove told AP, "If he was hung by his toes for 12 years then maybe that sentence would be acceptable."

Madoff spoke at his sentencing, telling his assembled victims that he "will live with this pain, with this torment, for the rest of my life." Ruth Madoff spoke out for the first time since her husband's Ponzi scheme was exposed, issuing a statement expressing her embarrassment and shame. From The Wall Street Journal:

Lives have been upended and futures have been taken away. All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to. I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years.

The Financial Times reports that Ruth Madoff made a deal with prosecutors late Friday, giving up rights to all but $2.5 million of the couple's $80 million in assets. The rest — cars, homes, jewelry, art, etc. — will be sold to raise money for Madoff's victims.

According to CNNMoney and other reports, 1,341 Madoff investors have been identified so far, with losses totaling more than $13 billion. However, the number of investors — and losses — is expected to grow. Even Madoff's own family wasn't safe: The Daily Beast reports that Ruth Madoff's sister, Joan, lost millions of dollars investing with her brother-in-law; Sondra Weiner, Madoff's sister, lost $7 million.

Earlier this month, Chin was "flooded" with letters from Madoff's victims, telling the judge what they thought Madoff deserved. From AFP:

"'Please make sure the facility in which he rots is extremely uncomfortable," wrote Jesse Cohen, a businessman from New Jersey, who lost all his savings. Summarizing the views of many, Ron Weinstein, 62, wrote: "This scum should never again see the light of day.'"

Luckily for Madoff, he wasn't convicted in Thailand. The Christian Science Monitor dug up this little nugget about the current Guinness World Record holder: In 1989, Chamoy Thipyaso was sentenced to 141,078 years for scamming 16,000 Thais out of $204 million.

- Lili Ladaga

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