Bernard Madoff, 71, was today sentenced to 150 years in prison after defrauding investors of billions in the largest Ponzi scheme in US history. He told US District Judge Denny Chin he had no excuses. "I don't ask for any forgiveness," he said.
March guilty verdict report and background: Ponzi fraudster Madoff jailed; Began scam during 1991 recession
Bloomberg reports victims of Bernard Madoff’s $65 billion Ponzi scheme branded him at his sentencing hearing as “beast” who had ruined their lives, forcing one to scavenge for food in Dumpsters.
Madoff “discarded me like road kill,” said Mirian Siegman, of Stamford, Connecticut, today at the hearing in Manhattan. She now relies on food stamps, collecting recyclable bottles and digging through Dumpsters.
Nine victims told their stories to U.S. District Judge Denny Chin, who will sentence Madoff today. Madoff’s lawyer had recommended a sentence of 12 years, while prosecutors urge 150. The federal probation service recommended 50 years, twice the penalty for the convicted chief executives of Enron Corp. and WorldCom Inc.
Food group Aryzta AG confirmed today that the proceedings brought in the High Court, Dublin by Varleigh Limited (a vehicle owned 50/50 by Bernard McNamara and James Morrissey) and James Morrissey (together the plaintiffs) against Ronan McNamee and IAWS Group Limited have been dismissed. An order for costs of the proceedings was made in favour of IAWS Group Limited and Ronan McNamee against the plaintiffs. Counsel for the plaintiffs expressed their regret for the distress caused to IAWS Group Limited and Ronan McNamee by the proceedings. IAWS Group Limited is a wholly-owned entity of Aryzta AG.
The case was brought by property developer Bernard McNamara and public relations consultant James Morrissey against food group IAWS and Ronan McNamee, founder of Cuisine de France.
Varleigh Ltd had sought €48m in damages over alleged misrepresentation and alleged broken commitments concerning the purchase of the Uniphar Pharma site in Tallaght. IAWS and McNamee denied the claims and had sought to have them struck out.
In New York, the Dow is up 89 points to 8,525.
The Nasdaq is up 0.62%; the S&P 500 is up 0.82%.
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In Europe, the Dow Jones Stoxx 600 rose 1.67% Monday.
European Benchmarks
Irish Share Prices
Euribor Rates
In Dublin, the ISEQ is up 1.21%.
Elan fell 1.7% and CRH rose 1.2%.
Oil
On the New York Mercantile Exchange, oil for August delivery is trading at $71.05 up $1.89 from Friday's close. In London, Brent crude for August delivery is trading at $70.89 a barrel.
Crude oil rose Monday after an attack by Nigerian militants shut a field operated by Royal Dutch Shell, cutting output from Africa’s biggest producer.
Currencies
The euro is trading at $1.4056 and at £0.8496.
For live currency updates, check the right-hand column of the Finfacts home page.
The dollar traded at a record low $1.6038 per euro on July 15th.
