MADOFF CAN STAY IN PRISON TILL THE END OF HIS LIFE

Updated: 01/22/2009 10:30
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A Ponzi scheme mastermind Bernard Madoff is likely to face 30 year to life sentence according to Larry Jay Levine, a former Federal Inmate and founder of prison consulting firm American Prison Consultants. He made an approximate forecast of the possible sentences to be awarded to Madoff for his role in defrauding investors of over 50 billion dollars.

"Bernie's through," said Levine, "By the time the U.S. Attorney's done stacking all the charges on him, 30 years gonna be looking like a good deal. And at 70 years old, the only way Bernie's going home's in a box. On the inside the Bureau of Prisons calls it ‘escaped by death'".

Among the statutes likely violated by Madoff are these: 18 U.S.C. § 1341, Mail Fraud and Swindles – it charges 20 year maximum sentence and if the violation affects a financial institution, such person shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both; 18 U.S.C. § 1343, Fraud by Wire with the same aftermaths; 18 U.S.C. § 1344, Bank Fraud which says that a person that executed a bank fraud shall be fined not more than $1,000,000 or imprisoned for more than 30 years, or both; 18 U.S.C. § 1348, Securities Fraud that imposes relevant fines or 25 years sentence or both; 18 U.S.C. § 664, Embezzlement From Employee Benefit Plan awards fines or five year imprisonment and 18 U.S.C. § 1956, Money Laundering under which a violator shall be sentenced to a fine of not more than $500,000 or twice the value of the property involved in the transaction, whichever is greater, or imprisonment for not more than twenty years, or both.


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