Ponzi king Madoff will not appeal against 150-year prison sentence

July 10th, 2009 - 12:52 pm ICT by ANI  

New York, July 10 (ANI): A lawyer representing incarcerated Ponzi king Bernie Madoff has said that his client will not appeal against the 150-year prison term handed down by Manhattan Federal Judge Denny Chin.

Madoff, 71, is presently lodged in the Manhattan’s Metropolitan Correctional Center, and is awaiting a transfer to a prison outside the city, reports the New York Daily News.

At his sentencing last week, the silver-haired swindler apologized and said he would accept punishment for a 65 billion dollar fraud that robbed investors of life savings and forced retirees back to work.

“I have left a legacy of shame. That’s something I will live with for the rest of my life,” he was quoted, as saying.

Madoff’s wife, Ruth, was forced out of the couple’s 7.5 million dollar E. 64th St. flat while federal marshals inventory their luxury belongings. The contents will be sold off to pay back a fraction of the losses incurred by thousands of investors.

Defense lawyer Ira Sorkin has asked that Madoff serve his term at a medium-security prison in Otisville, 70 miles from the city. (ANI)

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