Disgraced financier Bernard Madoff will not appeal his 150-year sentence for a fraud that unraveled when Madoff confessed to his sons that nearly $65 billion that he promised investors was safe was actually worth only a few hundred million dollars. According to a court-appointed trustee's report released Thursday, the search for Madoff assets that could compensate fraud victims "has unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth."
July 10, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Disgraced financier Bernard Madoff will not appeal his 150-year sentence for a fraud that unraveled overnight last December when Madoff confessed to his sons that nearly $65 billion he promised investors was safe was actually only worth a few hundred million dollars.
“We won’t be appealing the sentence,” Madoff’s lawyer, Ira Sorkin, said Thursday. He declined to say why the decision was made. Rebekah Carmichael, a prosecutor’s spokeswoman, declined to comment.
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