13 March 2009

Madoff Close to Sentence

Bernie Madoff is facing the rest of his life in prison - 150 years is the sentence currently being predicted, due to be given in June.

Mr Madoff, who was a prominant figure on Wall Street for over 30 years, managed to steal momey from countless victims, including private investors and charities. The total estimated figure stands at $50bn.

Yesterday, he attended his hearing, and pleaded guilty to all eleven charges surrounding the case. Many of his victims came to watch, and clapped as the handcuffs were put on Mr Madoff.

The money exchange of victims' funds took place via a scheme whereby new investors were paid by existing investors in a hedge fund.

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