Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Madoff: I'll do the time

Madoff, convicted Ponzi schemer, decided not to appeal his 150-year sentence, says lawyer.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Aaron Smith, CNNMoney.com staff writer

Bernard Madoff, shown here in his mug shot, is still being held at MCC in Manhattan.

NEW YORK (CNNMoney.com) -- Bernard Madoff, mastermind behind the largest Ponzi scheme in history, has decided not to appeal his 150-year sentence, according to his lawyer.

"The decision has been made, and that's it," said defense attorney Ira Lee Sorkin.

Sorkin said that Madoff is still at the Metropolitan Correctional Center in Manhattan, where he has been held since March 12, when he pleaded guilty to 11 federal counts related to the scheme.

Madoff is also being forced to forfeit $170 billion worth of assets to compensate his victims: More than 1,300 investors, according to the latest tally from federal authorities, whose life savings in many cases were wiped out by the elaborate, decades-long scam.

At the June 29 sentencing in U.S. District Court in New York, Sorkin requested that Madoff be sent to Federal Correctional Institute Otisville, about 70 miles northwest of New York City, where he used to reside in a $7 million apartment.

FCI Otisville is a medium security prison with an adjoining prison camp, a textile factory, a full-time rabbi and "one of the largest and most active religious programs for Jewish inmates in the Bureau of Prisons," according to Alan Ellis, a prison consultant and author of the "Federal Prison Guidebook." It is also one of the closest medium-security prisons to New York City, where Madoff has family.

Because of the length of his sentence and the wide and sweeping nature of his crimes, Madoff would not be eligible for a prison of low or minimum security, which is generally preferred because of safety and quality of life, according to prison consultants.

Sorkin said that Judge Denny Chin said he would recommend a prison in the northeast to the Federal Bureau of Prisons, which has the final word in such matters.

Madoff orchestrated his scam by masquerading his investment firm as a legitimate business. But the business became a front for a Ponzi scheme, in which the scammer uses fresh money from unsuspecting investors to make payments to more mature investors, creating the false appearance of legitimate returns. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Top luxurious hotel suites for business travelers For many people, you can't put a price on comfort. More
Million-dollar startups: These firms scored big sales their first year Their first year in business, these companies generated $1 million in sales. More
The 10 best states for retirees It might be worth moving to a new place to find your dream retirement home. Check out these 10 states. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play