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Frenzy outside the court: Madoff gets 150 years
Court Feed News |
2009/06/30 12:46
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Inside a packed Manhattan courtroom, Miriam Siegman and eight other victims of Bernard Madoff directed their anger at the 71-year-old disgraced financier.
Madoff "discarded me like road kill," Siegman said. Even before the one-time financier was sentenced to 150 years in prison, Siegman, 65, hobbled out of the federal courthouse and into the media scrum that has followed the secretive money manager from his Upper East Side apartment seven months ago to this sentencing Monday. There, anger toward Madoff appeared to have shifted more to the regulators that many believe failed to stop the massive fraud. Victims and nearby protesters took the government to task for not preventing Madoff's Ponzi scheme. U.S. District Judge Denny Chin said estimated losses for investors were more than $13 billion, but he said that was conservative. The crush of TV cameras and reporters spilled out into the street in front of oncoming traffic as New York City police tried to hem in the crowd. Siegman, surrounded by cameras, said she lost 40 years of savings and now scavenges for food. Appearing frail and supporting herself on a walker, she began to feel unwell while speaking with reporters. The questions kept coming even as she ate a cookie to raise her blood sugar. |
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Bernard Madoff gets maximum 150 years in prison
Lawyer Blog News |
2009/06/29 15:58
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Bernard Madoff has been sentenced to the maximum 150 years in prison for his multibillion-dollar fraud scheme. U.S. District Judge Denny Chin handed down the sentence in New York on Monday.
Defense attorneys had sought 12 years, while prosecutors wanted the maximum. The federal probation department had recommended 50 years. Chin called the fraud "staggering" and noted that it spanned more than 20 years. He says "the breach of trust was massive." The 71-year-old former Nasdaq chairman pleaded guilty to securities fraud and other charges in March and has been jailed since. |
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Convicted Ponzi-Schemer Madoff To Learn Fate Monday
Lawyer Blog News |
2009/06/29 15:36
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Convicted Ponzi-scheme operator Bernard Madoff will learn Monday morning whether he'll spend the rest of his life behind bars for running a decades-long swindle that bilked thousands of investors out of billions of dollars.
Madoff, who admitted in March to orchestrating one of the largest and longest-running white-collar frauds in recent memory, is set to be sentenced at a hearing before U.S. District Judge Denny Chin in Manhattan at 10 a.m. EDT Monday. Prosecutors from the U.S. Attorney's office in Manhattan have asked for the statutory maximum of 150 years or a sentence that will effectively guarantee the 71-year-old Madoff spends the rest of his life in prison. "He engaged in wholesale fraud for more than a generation; his so-called 'investment advisory' business was a fraud; his frauds affected thousands of investors in the United States and worldwide; and he repeatedly lied under oath and filed false documents to conceal his fraud," Assistant U.S. Attorneys Mark Litt and Lisa Baroni said in a court documents last week. "The scope, duration and nature of Madoff's crimes render him exceptionally deserving of the maximum punishment allowed by law." Ira Sorkin, Madoff's lawyer, has asked for a sentence of as little as 12 years in prison, citing Madoff's potential life expectancy of 13 years. In the alternative, he's asked for a sentence of 15 years to 20 years in prison. On March 12, Madoff was ordered directly to jail after pleading guilty to 11 criminal charges, including money laundering and multiple counts of fraud, in a Ponzi scheme that prosecutors claim stretched back to the 1980s. Madoff himself has said the fraud began in 1990s during a recession. |
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Supreme court allows NY state's bank lending probe
Legal Career News |
2009/06/29 15:31
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The U.S. Supreme Court ruled on Monday that the New York attorney general's office can investigate whether national banks discriminated against minorities seeking mortgages.
The justices overturned part of a ruling by a U.S. appeals court that entirely blocked the state office from investigating or enforcing the fair lending laws against national banks because they are subject instead to federal regulation. In the court's main split opinion, Justice Antonin Scalia concluded the state attorney general cannot issue subpoenas, but can bring judicial enforcement actions. In 2005, Eliot Spitzer, then the state attorney general, began investigating possible racial discrimination in mortgage lending. He sent letters of inquiry to mortgage lenders, including banks such as Wells Fargo, HSBC, JPMorgan Chase and Citigroup. The probe was prompted by data that Spitzer said appeared to show a significantly higher percentage of high-interest home mortgage loans issued to black and Hispanic borrowers than to white borrowers. The Office of the Comptroller of the Currency, a federal agency that oversees nationally chartered banks, sued to enjoin the probe on the grounds it fell outside state jurisdiction. A consortium of national banks also sued. |
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Cornell student charged in wife's slaying in NY
Criminal Law Updates |
2009/06/29 11:33
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A Cornell University graduate student charged with murdering his wife is being held without bail in an upstate New York jail.
Blazej (BLAH'-zay) Kot appeared in Tompkins County Court on Wednesday but didn't enter a plea. Defense attorney Joseph Joch (YAWK) says he will plead not guilty at a future court appearance. The judge says a trial isn't likely until at least November. The 24-year-old from Auckland, New Zealand, is accused of stabbing Caroline Coffey to death on a wooded trail in a state park near the couple's Ithaca apartment on June 2. Coffey, who was 28, was a postdoctoral researcher at Cornell. Police say Kot set a fire in the apartment and was later found with serious self-inflicted cuts. He had been hospitalized in Pennsylvania. |
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Pa. man admits peeping on women for 2 decades
Court Feed News |
2009/06/29 11:32
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A suburban Philadelphia landlord has admitted setting up spy cameras and secretly recording women tenants for nearly two decades.
Thomas Daley, of Phoenixville, put cameras behind mirrors and in ceiling fans in bedrooms, bathrooms and living rooms at five apartment buildings in Norristown. Prosecutors say it began in 1989 and continued until September 2008. Norristown police were tipped off when a tenant found one of the cameras. Daley pleaded guilty in Montgomery County on Wednesday to more than 30 counts, including invasion of privacy. The 46-year-old will be sentenced later. He faces 10 to 151 years in prison. Defense attorney Tim Woodward says Daley never showed the videos to anyone else and "is extremely remorseful." |
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Recent Lawyer News Updates |
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