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Text size [+][-]  Sunday March 14 2010GLOBAL EDITION

Considered view
29 Jun 2009 19:18

Madoff to the max

Context News

Bernie Madoff, architect of a $65bn Ponzi scheme, was sentenced to the maximum allowable 150 years in prison on June 29.

On June 26, Madoff's wife, Ruth, gave up her claim to $80m of assets she had argued were not connected with the fraud. The court allowed her to keep $2.5m. On June 29, she made a public statement saying she felt "betrayed and confused".

 

The epic, however, will continue to expand. The conman’s symbolic 150 years in jail may deter some fraudsters. But while Madoff’s scam was undone by the financial crisis, the sorry tale won’t do much to avoid another. It only underlines what everyone should have known already.

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More stories by:  Richard Beales






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