Madoff victims detail financial ruin

Investors burned by the biggest ponzi scheme in U.S. history outline the damage done by Bernard Madoff.

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By Ben Rooney, CNNMoney.com staff writer

madoff_mugshot.03.jpg
Mug shot: Bernard Madoff has been incarcerated since pleading guilty on March 12.

NEW YORK (CNNMoney.com) -- Prosecutors in the case against Bernard Madoff on Monday submitted 113 victim statements to the New York judge that will preside over the disgraced financier's sentencing.

The statements were emotional, blaming Madoff for ruining lives and wiping out entire life-savings.

Madoff, 70, who masterminded the biggest Ponzi scheme in history, is due to be sentenced June 29. The statements were addressed to to Judge Denny Chin of the Southern District of New York.

Madoff has been held in the Metropolitan Correctional Center in lower Manhattan since March, when he pleaded guilty to 11 criminal counts, including fraud, money laundering and perjury. He faces a potential 150-year sentence in federal prison.

"At the age of 89, I find myself and my wife (86) devoid of future hope," said one victim. "I find it hard to believe what he did to us and...all the charities affected by this Bastard."

Another victim said she and her husband had their entire life savings invested with Madoff.

"I often feel as if life is futile," the victim, who said she was a mother of three, said in a statement. "Why bother to do 'the right thing' when it doesn't mean anything?"

Eight of the victims requested to speak at the sentencing later this month, including one, who said she had known Madoff personally for 20 years.

"My family and I have lost everything," she wrote.

Thousands of investors were victimized by Madoff's massive, long-running scheme, with losses in the billions of dollars. Investigators are still tallying up the number of victims and the amount of the money that was stolen.

Investigators are also seizing and itemizing Madoff's assets - including those belonging to his wife Ruth - for liquidation. The assets will be used to pay back burned investors.

Attorneys for Madoff could not immediately be reached for comment. To top of page

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