The New York Times leads and the Wall Street Journal banners with news
that Bernard Madoff, architect of the largest-ever financial fraud, has
been slapped with the maximum sentence of 150 years in prison six months
after he confessed to his sons of running a massive Ponzi scheme. A
thinner, more haggard-looking Madoff, the NYT notes, "stood impassively"
as his sentence was read by U.S. District Court Judge Denny Chin. "The
penalty sparked a burst of applause in a courtroom packed with victims of
the fraud," the WSJ says. "The sentence far surpasses that of other recent
high-profile white-collar crimes and took many noted criminal defense
attorneys and former federal prosecutors by surprise," the Washington Post
writes, adding: "In handing down the sentence, [Judge Chin] acknowledged
that any term above 25 years would be symbolic, given Madoff's advanced
age of 71. Nevertheless, the judge said, it was important that the
severity of the sentence serve as a deterrent to future offenders."
Madoff's lawyer had asked for twelve years, one year less than Madoff's
A criminal investigation is still ongoing, as prosecutors try to figure
out who else was involved in the scheme. "So far, only Madoff's accountant
has been arrested on criminal charges, but securities regulators have
filed civil suits against several of his long-term investors, accusing
them of knowingly steering other investors into the fraud scheme for their
own gain," the NYT says.
The complete article may be read at the URL above.
Bushell, R. & Sheldon, P. (eds),
Wellness and Tourism: Mind, Body, Spirit,
Place, New York: Cognizant Communication Books.
Wellness Tourism: Bibliographic and Webliographic Essay
David P. Dillard