Ira Sorkin, defense attorney for Bernard Madoff, requested his client’s sentence be limited to twelve years. He cited Madoff’s age and thirteen-year life expectancy. He noted the crime was non-violent. And he added that Madoff surrendered voluntarily.
Sorkin asked the judge to avoid “mob vengeance.” In an online report, CNN Money described his legal position by writing, Madoff says 12 years is plenty. We at Acrimoney can’t help but wonder:
Do twelve years constitute justice for Bernard Madoff?
So we ran the numbers. There’s no “mob vengeance” in math. Numbers have no feelings. There are no emotions that override the fairness of reason. Acrimoney’s calculations should clarify, therefore, whether Sorkin’s proposal is just.
Twelve years of prison equal one year for every $5.4 billion of Madoff’s $65 billion fraud.
By comparison, Samuel Israel received twenty years for a $400 million fraud. That’s one year for every $20 million of deceit. Using the Israel standard, Madoff should receive 3,250 years.
Twelve years of prison equal one year for every 111 of the 1,341 investors in Madoff’s firm.
In each group of 111 people, how many individual victims can reassemble their lives in one year? How many have been forced to sell their homes? How many of the older investors, the ones who probably won’t receive SIPC payments, have lost everything and now depend on their children for support? How many will spend far more than the next twelve months trying to recoup losses? How many will suffer mental anguish for the rest of their lives?
Twelve years equal sixteen months of prison time for every year the SEC overlooked Harry Markopolis’ warnings.
Markopolis first alerted the SEC in 1999 about Madoff. The fraudster confessed nine years later in 2008. What is the message that twelve years of prison send to would-be criminals? When our financial watchdogs fail, you’ll serve sixteen months for every year you dupe the authorities. Is this message a deterrent?
Twelve years, and there have been two suicides.
Who says the crime was non-violent? Financial fraud is a personal violation. Sure, the crime plays out through the mind and the wallet rather than the body. But two people took their own lives in the wake of Madoff’s deceit. The crime sounds plenty violent to us.
The Acrimoney Verdict: A twelve-year sentence is a gross miscarriage of justice.
The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.
Pretty cool post. I just came by your blog and wanted to say
that I’ve really liked browsing your blog posts. Any way
I’ll be subscribing to your blog and I hope you write again soon!
Thanks for your kind words. Just released a post.
Vonnegut’s comments are “spot on”! I hope the judge is reading his blog…and taking notes.
Couldn’t agree more with Vonnegut’s comments. Life probably wouldn’t be long enough.
Monday is the big day for sentencing.
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Hey, have you seen this news article?
New details about Michael Jackson’s Death Emerge
I was wondering if you were going to blog about this…
Michael, please send me that link. Not sure I will blog about it or not. Tell me why it’s a good story.
His intention was clear, self serving and destructive in more ways than anyone yet knows for so many investors and their families. Not only is he lucky not to be put to death (due to our forgiving society and laws here in the US) but I strongly recommend adding his wife and any other family members who worked at the firm and obviously knew something was amiss but preferred to feign ignorance to preserve their lifestyle. Unfortunately, the US will now have to spend untold millions if not billions to investigate, pursue and convict him and all the associated businesses entities that took everyone for this horrendous ride! More expenses at the cost of investors and taxpayers!
Sentence him to life and put him in the general population of a Federal Prison and let nature take its course!!!!
Agreed. You might be interested in today’s post.
Norb