Bernie Madoff, at 71 years old, may be staring down what would be effectively a life sentence. The prosecution and defense have vastly different views heading into court today, but the answer will come at 10 AM (EDT), when the hearing is scheduled to begin. Approximately 100 letters have been sent to the judge, and 10 people will relate their opinions directly.
Madoff's family members are not expected to be in the courtroom for the sentencing, as they haven't been to any of his appearances following his arrest last September.
Ira Lee Sorkin, Madoff's attorney, is pushing for a 12-year sentence, but opponents don't seem to think this is sufficient. After all, $170 billion is said to have been run through the main Madoff account, with a $65 billion total on the books only a few weeks before his arrest.
The early bets by legal experts are for a hefty prison term. U.S. District Judge Denny Chin, they believe, is likely to mete out one of the stiffest punishments given to a white-collar criminal, with a possible term of 30 years. This would exceed the 25 years given to WorldCom CEO and convicted accounting fraudster Bernard Ebbers (Ebbers' original sentence was reduced to 25 years so he would be able to serve in a lower-security facility).
Once sentenced, Maddof is likely to serve in a low- or medium-security prison. The nature of the facility will depend on the length of the sentence.
[USA v Madoff 09-213, U.S. District Court for the Southern District of New York (Manhattan)]
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