Monday, June 29, 2009

Today's Fly Or Die Commerce Report: Madoff Sentenced

Infamous money manager Bernard Madoff (also known as the leader of the Ponzi Scheme) was sentenced to 150 years in prison today.

The 71 year old financier, who cheated his clients out of billions of dollars, was given the maximum sentence. According to The Wall Street Journal, he plead guilty to "11 criminal counts, including securities fraud, mail fraud, and money laundering."

Early reports stated that Bernard Madoff's wife, Ruth Madoff, agreed to relinquish almost all of her assets. It has now been revealed that while she has agreed to give up her "potential claim" to more than $80 million in assets, a deal that she reached with federal prosecutors will allow her to keep $2.5 million in cash.

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