Bernard Madoff, founder of Bernard L. Madoff Investment Securities, leaves federal court docket in New York on Tuesday, March 10, 2009.
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Hundreds of victims of Ponzi scheme kingpin Bernie Madoff definitely never want him to get out of jail inspite of his declare that he is dying. They recently advised a choose their causes in usually-heartbreaking letters.
“Our lives, and not just monetarily, also emotionally, mentally, and bodily . . . ended up Ruined,” wrote one target, who observed that her husband missing $850,000 to Madoff.
A further lady wrote, “I lost all my revenue and my husband of 40 a long time fully commited suicide since of his horrific crimes.
“As considerably as I am anxious, he should really commit the rest of his everyday living in jail,” she wrote to Decide Denny Chin in U.S. District Courtroom in Manhattan.
Releasing Maddoff, a third victim told Chin, “would be to set a different knife in the hearts of his victims.”
Those people three letters are between the roughly 520 that Madoff victims despatched Chin on the heels of Madoff’s court docket filing very last month seeking early launch from his 150-calendar year jail sentence due to the fact he has terminal kidney ailment.
Madoff, who experienced headed Bernard L. Madoff Investment Securities in New York City, pleaded responsible in 2009 to 11 crimes associated to the swindling of billions of bucks from countless numbers of investors about a number of many years in what prosecutors have termed the greatest Ponzi plan in heritage.
His new attorney suggests the 81-12 months-previous Madoff could be lifeless in 18 months or a lot less supplied his healthcare affliction, which has remaining him generally wheelchair bound in a federal medical prison facility in North Carolina.
Madoff is searching for so-termed compassionate release, which was granted a number of months in the past to previous WorldCom CEO Bernie Ebbers, who died previous thirty day period soon immediately after becoming established cost-free from a 25-yr prison expression for a massive accounting fraud.
Federal prosecutors on Wednesday night submitted a memorandum opposing Madoff’s request, declaring he “has demonstrated a wholesale lack of being familiar with of the seriousness of his crimes and a lack of compassion for his victims, underscoring that he is undeserving of compassionate release himself.”
The submitting notes that out of the hundreds of letters from victims sent to Chin, just 20, or 4% of the whole, guidance Madoff’s request.
The person letters are expected to be publicly produced at some position.
But prosecutors in their submitting quoted pieces of a quantity of letters to bolster their argument opposing the idea of releasing Madoff.
Prosecutors famous that just after Madoff’s plan was exposed in 2008, two traders dedicated suicide “on knowing the considerable losses they had incurred as a result of investing with Madoff.”
“Madoff’s son Mark hanged himself on the 2nd anniversary of Madoff’s arrest,” prosecutors wrote.
“Also, as reported by the many target submissions provided in response to Madoff’s movement, Madoff caused numerous victims enormous personalized struggling, such as by wrecking their family’s economic protection ruining their retirements or other everyday living options, or exacerbating the wellness circumstances them selves or loved types.”
“A lot of of these victims have been not independently wealthy, and labored their overall lives to accumulate the cost savings that Madoff stole to fuel his and his family’s extravagant life.”
One sufferer wrote that she got a phone from her mother and father when they had been on a cruise in December 2008.
“My father questioned if I experienced heard the information . . . Bernie Madoff was arrested. And I realized specifically what that meant,” the target wrote.
“Our life ended up permanently altered. And this would be the previous family vacation my parents could at any time afford considering the fact that their economic potential was just stolen. My loved ones lost their daily life cost savings, together with their proceeds from the sale of a dwelling, as nicely as any aspiration of ever staying in a position to retire.”
One more sufferer told Chin: “I am 84 decades aged, living on a compact pension, which does not include my expenditures. I anticipated that my Madoff financial commitment would be used in my retirement several years, to complement my pension. This has not happened, and I have experienced to price range very diligently in purchase to endure. In check out of the actuality that he has had this sort of an influence on my everyday living, I have no sympathy for this wicked unique. Why should he be proven any compassion, when he had none for his many victims?”
A variety of victims have advised Chin about clinical issues that they ascribe to Madoff and his crimes.
“I feel with all my coronary heart that my partner would be alive today if he experienced not experienced to offer with the anxiety and psychological despair that the decline of practically all of our revenue experienced on the family members,” just one woman wrote.
“I produced a scarce most cancers a single 12 months right after the debacle (almost certainly thanks to stress as I had been incredibly healthier) and my spouse had to deal with my disease, monetary spoil and a clawback fit. His by now compromised coronary heart problem could not endure the stress and he regrettably handed on in 2015.”
Yet another victim wrote that Madoff “knowingly defrauded countless numbers of people and I know this stress contributed to the early loss of life of my husband . . . the tension of the earlier 11 many years has taken a toll on me as properly. Whilst I do know he ought to be suffering with his illnesses, there are lots of of his victims who are struggling and who will carry on to put up with.”
The administrator for a construction workers’ pension fund wrote to Chin: “As difficult-performing construction workers, our members cannot bodily do the job into their later decades. Our contributors saw their retirement, for which they worked for a long time, vanish right away, all because of the overt greed of Mr. Madoff. . . . The strain of shedding your retirement resources and possessing to worry and question how you and your family will endure is unmeasurable.”
Nobel Laureate author Elie Wiesel speaks at an anti-Iran rally outdoors United Nations headquarters during the 63rd Common Assembly, which Iranian President Mahmoud Ahmadinejad is addressing, September 22, 2008 in New York City.
Mario Tama | Getty Illustrations or photos
Prosecutors mentioned that right before his loss of life in 2016, Holocaust survivor and Nobel Peace Prize receiver Elie Wiesel, who was a target in the scenario, had mentioned of Madoff: “I would like him to be in a solitary mobile with only a display, and on that screen for at the very least five yrs of his lifestyle, every day and each and every night, there ought to be photos of his victims, 1 just after the other following the other, all the time a voice indicating, ‘Look what you have carried out to this previous woman, look what you have accomplished to that baby, search what you have completed,’ very little else.”
And prosecutors cited a letter from one more victim, a lady who “wrote that she remaining the courthouse immediately after Madoff’s first sentencing ‘with a feeling that justice experienced been performed,’ and is still left now with the question: ‘Should an incarcerated human being be introduced from prison because of a terminal ailment, is not the serving of a 150 calendar year sentence intended to be terminal?'”
Previous 7 days, the trustee liable for recouping losses for Madoff victims, reported his efforts have recovered $13.93 billion.
That is 80% of the $17.5 billion that the trustee, Irving Picard, has claimed that prospects misplaced.
Correction: Federal prosecutors on Wednesday night submitted a memorandum opposing Madoff’s ask for for early release. An earlier edition misstated the working day.