Proceeds of Crime news 29/06/09 Madoff receives maximum fraud and money laundering sentence

Bernard Madoff has received the maximum sentence allowed for charges of fraud and money laundering under US law.

Describing his activities as extraordinarily evil, US District Judge Denny Chin sentenced Madoff to 150 years imprisonment. The financiers lawyer had previously sought leniency, suggesting a 12-year sentence would be appropriate. Madoff now has ten days to decide whether to appeal against this sentence.

Victims of the Ponzi scheme applauded the sentence in the courtroom, and emotional statements from some of the victims have been widely reported. Let your jail cell be your coffin, one investor said.

The FBI has now expressed an interest in Madoff Securities International Ltd, a British arm of the financiers enterprise that Madoff described as a legitimate, honestly-run and operated business managed by his son. The UKs Serious Fraud Office, however, has suggested that the firm may well have been involved in laundering the proceeds of crime, and the Serious Organised Crime Agency is already investigating potential money-laundering transactions at the firm.

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