NEW YORK - Admitted thief Bernard Madoff will leave his jail cell and be taken under guard to court this morning to hear his punishment for running Wall Street's biggest and most brazen investment scheme.A U.S. judge is expected to sentence Madoff, 71, to an effective life term in prison during an emotional court hearing starting at 10 a.m. EDT (1400 GMT) in which some of his defrauded investors will describe the shock of losing their life savings.The swindler, who pleaded guilty to a slew of crimes in the same Manhattan federal court in March, will "speak to the shame he has felt and to the pain he has caused," said his lawyer, Ira Lee Sorkin, who has suggested a 12-year prison sentence."Given the enormous amount of funds he has stolen and the number of victims, the sentence is going to be very, very high," said Paul Radvany, a law professor at Fordham University in New York and a former federal prosecutor.The 100 or so letters sent to the judge from customers and what 10 will say at the hearing could have "a great impact" at the sentencing, Radvany said.Investigators do not know how much was stolen, according to court papers. About $13 billion has been traced to more than 1,300 customer accounts. The trustee winding down the Madoff firm has so far collected $1.2 billion to return to investors.
NEW YORK - Admitted thief Bernard Madoff will leave his jail cell and be taken under guard to court this morning to hear his punishment for running Wall Street's biggest and most brazen investment scheme.
A U.S. judge is expected to sentence Madoff, 71, to an effective life term in prison during an emotional court hearing starting at 10 a.m. EDT (1400 GMT) in which some of his defrauded investors will describe the shock of losing their life savings.
The swindler, who pleaded guilty to a slew of crimes in the same Manhattan federal court in March, will "speak to the shame he has felt and to the pain he has caused," said his lawyer, Ira Lee Sorkin, who has suggested a 12-year prison sentence.
"Given the enormous amount of funds he has stolen and the number of victims, the sentence is going to be very, very high," said Paul Radvany, a law professor at Fordham University in New York and a former federal prosecutor.
The 100 or so letters sent to the judge from customers and what 10 will say at the hearing could have "a great impact" at the sentencing, Radvany said.
Investigators do not know how much was stolen, according to court papers. About $13 billion has been traced to more than 1,300 customer accounts. The trustee winding down the Madoff firm has so far collected $1.2 billion to return to investors.