http://www.wateresources.org/2006/02/08/karachi-water-supply-in-some-areas-to-remain-suspended/
“I’m not surprised. That’s what he deserved,” said Adel Fox of Tamarac, who lost thousands of dollaresto Madoff's scheme. The mastermind behind the biggestr Ponzi schemein U.S. historh was sentenced on Monday morninfg in federal court in Manhattan to 150 yearsbehind bars, the maximumk requested by federal prosecutors. Madoff'w attorney had asked for a far more lenienty sentence of12 years. In sentencingy Madoff, U.S. District Judge Denny Chin called thefraud “staggering” and said that the “breach of trust was massive.” The judge describex his acts as “extraordinarily evil.
” “Nol other white-collar case is comparable in terms of the duration and enormity of the fraud and the degreee of the betrayal,” Chin Madoff confessed in March to 11 counts includingt fraud, money laundering thefy and perjury, among other things. His victimsw reportedly number morethan 1,300 and stretcuh across the globe. Their losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victimss who talked about the devastation Madoff’w fraud had caused to their liveas and their families. Many of Madoff’w wealthy clients lived in Southn Florida and lost their life savingsw tohis scheme.
Fox, 86, said she is stil furious that the and the federalgovernmenty didn’t expose Madoff’s fraud “The SEC is just as guilty as Madoff and they failerd us. Nobody seems to do anything about Fox said. She also took issue with the large fees being paid to people such asIrvinhg H. Picard, the trustee who is handling the liquidatio n ofBernard L. Madoff Investment Securities. “The trusteew Picard is making hisown rules. They’rew paying these guys millions of It would be better to pay theinvestorsa directly,” Fox said.
Fox, a widow who once worked as secretary in New said sheinvested $50,00 0 in 1987 because she was related to Madoff’es accountant, Jerry Horowitz. She said she was able to get some monet back from Social Securitypayments she’e made over the years on “phantom” incomed from Madoff accounts. However, she is worries that her disbursements may eventually be targeted in clawbaclk efforts by the trustee in bankruptcy proceedings who has begunn sending out letters demanding the returnn of profits derived from their investments.
Guy Fronstin a Boca Raton attorneu who hasadvised Fox, said the governmengt has “been good abou refunding taxes quickly” but there are delays in processinfg claims to the Securities Investor Protection Corporation. “Somwe of the people I know are too busy with theswe other issues to really care that much abouty whathappened today. They believed he would spenc the rest of his days in Fronstin said. Jan Atlas, an attorney with Adornko Yoss, said he believes the court had little choice but to levy the maximu m sentenceon Madoff.
“I don’t thini the victims should have been victimized again by havint him be able to leave prisohnone day,” said Atlas, whose firm continues to advisr clients about tax returna and possibly future claims against investment advisors who invester with Madoff. “I’m wondering if the trustee will be able to locate more than the billionm plusthat he’s located, and what is the real Atlas said. In addition to his prison term, Madoff was ordered to forfeitnearlyu $170 billion, which represents the proceedw of, and property involved in certaih of his crimes, according to a news released from the U.S. Departmenft of Justice.
“While today’s sentences is an important the investigationis continuing,” Lev L. acting U.S. Attorney for the Souther District ofNew York, said in a news release. “We are focused on tracing, restraining and liquidatinf assets to maximize recoveries forthe
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