Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Donors pledge millions at Uganda refugee summit

Read more

MEDIAWATCH

Depp plumbs depths of bad taste

Read more

THE WORLD THIS WEEK

France's new frontman, America's absent center, May's Brexit gambit, Saudi royal reshuffle, after Mosul & Raqqa fall

Read more

REVISITED

Senegal’s Casamance hopes for new era of peace

Read more

THE INTERVIEW

FARC disarmament a 'historic day' for Colombia, says president

Read more

FASHION

Cruise collections: All aboard for Dior and Chanel's latest fashions

Read more

ENCORE!

Colombia comes to France

Read more

#THE 51%

The last taboo: Helping women and girls. Period.

Read more

DOWN TO EARTH

Who benefits when the ice caps melt?

Read more

Business

Madoff will not appeal 150-year prison sentence

Text by NEWS WIRES

Latest update : 2009-07-09

Ten days after Bernard Madoff was sentenced to the maximum 150 years in prison for running the biggest financial fraud in US history, his lawyer announced that he has decided not to appeal his sentence.

AFP - Disgraced Wall Street financier Bernard Madoff, convicted of running the biggest financial fraud in US history, has decided not to appeal his 150-year prison sentence, his lawyer said Thursday.

"We decided not to file an appeal," Madoff's lawyer, Ira Sorkin, told AFP.

Legal experts had said an appeal would have been unlikely to achieve a reduction in Madoff's sentence, which effectively means the 71-year-old will spend his last days in prison.

Last month's sentence came some six months after the biting economic downturn forced Madoff to unmask himself as behind one of the biggest financial scams in history.

Prosecutors say about 13 billion dollars was handed to Madoff. The financier himself has talked about losing some 50 billion dollars, which is believed to be the amount that would have been paid out had the funds been properly invested.

Among Madoff's victims were Hollywood and international celebrities, several of the world's best-known banks and Jewish charities, some of which were forced to close after the scheme unraveled.

Madoff told the court in March that of the billions of dollars that passed through his hands during the three-decade scam, he never invested one cent in the market. Instead he stashed the funds in a Chase Manhattan bank account.

The funds were then used to pay out "dividends" to investors in what is known as a "Ponzi scheme."

Date created : 2009-07-09

COMMENT(S)