Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Search of Air Algerie crash site continues

Read more

MEDIAWATCH

Sarkozy, Hollande and the scooter wars

Read more

MEDIAWATCH

Confusion online over Air Algérie flight

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

REPORTERS

Halal tourism on the rise

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

FRANCE IN FOCUS

WWI Centenary: the battle for Verdun

Read more

THE BUSINESS INTERVIEW

When big companies want to do good

Read more

  • Hamas opens fire on Israel despite offer to extend humanitarian truce

    Read more

  • Photos: Youths clash with police at banned Gaza protest in Paris

    Read more

  • Bodies of all Air Algérie crash victims to be brought to France

    Read more

  • Germany's Tony Martin wins 20th stage of Tour de France

    Read more

  • Kidnapped Briton freed after five months' detention in Yemen

    Read more

  • US evacuates embassy in Libya amid militia clashes

    Read more

  • Kerry in Paris for new round of Gaza ceasefire talks

    Read more

  • Nibali rides serenely toward a place in Tour history

    Read more

  • Video: 'Lack of security' at MH17 crash site, FRANCE 24 reports

    Read more

  • In pictures: Devastation, debris at Air Algérie crash site

    Read more

  • Washington Post reporter and his wife arrested in Iran

    Read more

  • French families grieve for Algerian plane crash victims

    Read more

  • Lithuania’s Navardauskas wins 19th stage of Tour de France

    Read more

  • LA Times wipes France off the map in air crash infographic

    Read more

  • Fans electrify the mood as Tour de France crosses the Pyrenees

    Read more

  • French lawyer files complaint against Israel at ICC

    Read more

  • Protest against Gaza offensive turns deadly in West Bank

    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)