Will American swindler, Bernard Madoff Receive Life Sentence or 12 Years in Prison?

American swindler, Bernard Madoff, could make history if he receives a life-sentence tomorrow On Monday, (Eastern Time), Bernard Madoff, will be sentenced by a judge in New York City for his admitted crimes against investors. Madoff became infamous, and a symbol of American financial greed, when he masterminded a Ponzi scheme promising his investors large returns on money investments. Madoff later admitted to investigators that he had no plan to invest his clients’ money or provide any returns.

Madoff’s sentencing tomorrow could very likely make United States history for white-collar criminal sentencing should Madoff be handed a life-sentence. Even if Madoff, who is 71 years old, is given the minimum jail time, he will likely be spending the rest of his life in jail. This March, Madoff pleaded guilty to 11 criminal charges including securities fraud, money laundering and perjury. Tomorrow’s sentencing in New York will be a dramatic event as the judge will allow Madoff’s victims to speak about their hardship and financial ruin at the hands of Madoff. Judging by Madoff’s past demeanor, he will likely lack expression or emotion during the victim testimonial process. Even when Madoff recently learned of the suicides of two of his victims, Madoff reportedly felt no responsibility. In fact, during his house arrest, when he was told about the suicides, Madoff immediately refocused the police on his own personal security concerns including hidden cameramen on a nearby rooftop.

Madoff’s access to so many investors and their trust, approximately 1,341 of them, was acquired by Madoff using his past credentials as the chairman of New York’s Nasdaq stock exchange. Investors trusted his experience and his clout as the highest-ranking Nasdaq executive. Approximately $13 billion was lost in cash between all of the investors, but some estimates claim that $65 billion was collected by Madoff but never traded or invested. The Securities and Exchange Commission will continue to investigate and question Madoff about the scheme, there was a meeting between the commission and Madoff as early as last Friday while he awaits sentencing.

Although many people were questioned by investigators about their possible involvement in Madoff’s Ponzi scheme, only his accountant was charged with any crime. Madoff’s two sons, who had worked for Madoff for many years, were extensively investigated by officials. Madoff’s sons both deny any knowledge of their father’s scheme. It has become known that Madoff’s sons have severed their relationships with Madoff and have refused to visit him while he was under house arrest or jail.

Madoff’s wife of 45 years, Ruth, has been in contact with Madoff and continues to visit him. Ruth, who has lost all homes, possessions and assets, made a deal with prosecutors to keep $2.5 million in cash. All other possessions of the Madoffs are gone.

Despite Madoffs’ victims lobbying for his life-sentence term, this having been evidenced by the judge’s receipt of over 100 letters by victims, Madoff’s lawyer, Ira Lee Sorkin, asked the judge to sentence a term of 12 years. Madoff’s crimes have a maximum sentence time of as much as 150 years behind bars. It is widely thought that Madoff’s lawyer will ask for leniency based on age. The prosecutors insist that a life-sentence is appropriate due to the extent of the damage that Madoff caused and the duration of his crimes. The country will have to wait for Madoff’s reckoning tomorrow. Madoff’s sentence could be anywhere between 12 years to 150 years behind bars.