![]() ![]() ![]() ![]() The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. On March 12, Madoff pleaded guilty to securities fraud and other charges, saying he was "deeply sorry and ashamed." He insisted that he acted alone, describing a separate wholesale stock-trading firm run by his sons and brother as legitimate. His clients - ranging from Florida retirees to celebrities such as Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax - consistently enjoyed steady double-digit returns. Madoff, a former Nasdaq chairman, had earned a reputation as a trusted money manager with a track record of delivering stellar returns in good markets and bad. Madoff's case has become symbolic of Wall Street greed and a laissez-faire attitude toward federal oversight. Weeks before Bernard Madoff's December arrest, statements showed that his firm had $56 billion in accounts. The exact amount of the fraud has yet to be calculated, largely because it was so vast and went on for so long. She added: "Not a day goes by when I don't ache over the stories that I have heard and read." "The man who committed this horrible fraud is not the man whom I have known for all these years." The order left her with $2.5 million.Īfter the sentencing, Ruth Madoff said in a statement that she felt "betrayed and confused" by the actions of her husband. Madoff has already been ordered to forfeit assets worth more than $170 billion - the amount prosecutors say "flowed into the principal account to perpetrate the Ponzi scheme." The amount includes all his personal property, real estate, investments and $80 million in assets that his wife - who has not been charged - had claimed were hers. Tom Fitzmaurice accused Madoff of cheating his victims "so he and his wife, Ruth, could live a life of luxury beyond belief."Īnother victim, Michael Schwartz, told Madoff he wished a jail cell would be the disgraced financier's coffin. It feels like the nightmare we can't wake from," said Carla Hirshhorn. "We will have to sell our home and hope to survive on Social Security alone." "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. The victims who came forward testified that they had suffered financial ruin because of Madoff's fraud. "I dug myself deeper into a hole" as the scheme progressed, Madoff said, adding that he would "live with this pain, this torment, for the rest of my life." Although he showed no emotion during their testimony, he did offer an apology to family and victims. Cheers and applause erupted from the gallery as Chin announced the verdict.īefore the sentence was handed down, Madoff faced the wrath of nine of the hundreds of people he cheated in the fraud that wiped out fortunes large and small. ![]()
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