Bernie Madoff victims oppose prison release of Ponzi scheme leader


Bernard Madoff, founder of Bernard L. Madoff Expense Securities, leaves federal courtroom in New York on Tuesday, March 10, 2009.

Jin Lee | Bloomberg | Getty Photographs

Hundreds of victims of Ponzi scheme kingpin Bernie Madoff truly do not want him to get out of jail even with his claim that he is dying. They just lately advised a choose their good reasons in often-heartbreaking letters.

“Our life, and not just fiscally, also emotionally, mentally, and physically . . . ended up Destroyed,” wrote 1 target, who noted that her husband misplaced $850,000 to Madoff.

An additional girl wrote, “I shed all my money and my spouse of 40 many years committed suicide since of his horrific crimes.

“As much as I am involved, he must invest the relaxation of his daily life in jail,” she wrote to Choose Denny Chin in U.S. District Court docket in Manhattan.

Releasing Maddoff, a third sufferer told Chin, “would be to put a further knife in the hearts of his victims.”

Those 3 letters are among the close to 520 that Madoff victims despatched Chin on the heels of Madoff’s court docket filing very last thirty day period seeking early launch from his 150-12 months prison sentence because he has terminal kidney disorder.

Madoff, who experienced headed Bernard L. Madoff Investment Securities in New York City, pleaded guilty in 2009 to 11 crimes connected to the swindling of billions of dollars from thousands of buyers above many a long time in what prosecutors have identified as the largest Ponzi scheme in historical past.

His new lawyer states the 81-calendar year-old Madoff could be dead in 18 months or much less presented his professional medical affliction, which has still left him mainly wheelchair sure in a federal clinical prison facility in North Carolina.

Madoff is looking for so-identified as compassionate release, which was granted many months back to former WorldCom CEO Bernie Ebbers, who died past month soon just after being established totally free from a 25-yr jail time period for a massive accounting fraud.

Federal prosecutors on Wednesday night filed a memorandum opposing Madoff’s request, saying he “has demonstrated a wholesale absence of being familiar with of the seriousness of his crimes and a deficiency of compassion for his victims, underscoring that he is undeserving of compassionate launch himself.”  

The filing notes that out of the hundreds of letters from victims despatched to Chin, just 20, or 4% of the complete, aid Madoff’s ask for.

The particular person letters are expected to be publicly released at some position.

But prosecutors in their submitting quoted sections of a quantity of letters to bolster their argument opposing the plan of releasing Madoff.

Prosecutors mentioned that after Madoff’s plan was uncovered in 2008, two investors dedicated suicide “upon knowing the sizeable losses they experienced incurred as a result of investing with Madoff.”

“Madoff’s son Mark hanged himself on the second anniversary of Madoff’s arrest,” prosecutors wrote.

“Moreover, as described by the lots of target submissions presented in reaction to Madoff’s motion, Madoff induced lots of victims immense individual suffering, which includes by wrecking their family’s money protection ruining their retirements or other daily life ideas, or exacerbating the overall health conditions by themselves or loved kinds.”

“Lots of of these victims were being not independently wealthy, and labored their entire lives to accumulate the financial savings that Madoff stole to fuel his and his family’s extravagant lifestyles.”

 One target wrote that she received a phone from her moms and dads when they were being on a cruise in December 2008.

“My father requested if I had read the news . . . Bernie Madoff was arrested. And I knew exactly what that intended,” the victim wrote.

“Our life have been without end adjusted. And this would be the previous holiday my dad and mom could at any time pay for due to the fact their economic upcoming was just stolen. My loved ones lost their daily life financial savings, including their proceeds from the sale of a dwelling, as properly as any dream of at any time staying ready to retire.”

Yet another victim instructed Chin: “I am 84 years old, living on a small pension, which does not go over my costs. I envisioned that my Madoff investment would be used in my retirement yrs, to supplement my pension. This has not took place, and I have experienced to price range pretty carefully in purchase to endure. In look at of the reality that he has experienced this sort of an impression on my daily life, I have no sympathy for this wicked individual. Why should he be demonstrated any compassion, when he had none for his a lot of victims?”

A selection of victims have explained to Chin about health care challenges that they ascribe to Madoff and his crimes.

“I consider with all my coronary heart that my husband would be alive right now if he had not had to deal with the strain and psychological despair that the loss of almost all of our money experienced on the family,” one female wrote.

“I designed a rare cancer one particular 12 months immediately after the debacle (probably owing to stress as I experienced been particularly wholesome) and my spouse had to offer with my health issues, monetary damage and a clawback fit. His currently compromised heart affliction could not endure the strain and he unfortunately passed on in 2015.”

An additional sufferer wrote that Madoff “knowingly defrauded hundreds of persons and I know this strain contributed to the early dying of my partner . . . the anxiety of the past 11 decades has taken a toll on me as properly. Although I do know he must be suffering with his illnesses, there are lots of of his victims who are struggling and who will continue on to go through.”

The administrator for a development workers’ pension fund wrote to Chin: “As challenging-functioning construction personnel, our members simply cannot bodily function into their afterwards a long time. Our individuals saw their retirement, for which they labored for many years, vanish overnight, all simply because of the overt greed of Mr. Madoff. . . . The worry of dropping your retirement resources and having to get worried and surprise how you and your loved ones will survive is unmeasurable.”

Nobel Laureate author Elie Wiesel speaks at an anti-Iran rally exterior United Nations headquarters for the duration of the 63rd Basic Assembly, which Iranian President Mahmoud Ahmadinejad is addressing, September 22, 2008 in New York Metropolis.

Mario Tama | Getty Pictures

Prosecutors observed that in advance of his dying in 2016, Holocaust survivor and Nobel Peace Prize recipient Elie Wiesel, who was a target in the scenario, had claimed of Madoff: “I would like him to be in a solitary mobile with only a screen, and on that screen for at the very least five many years of his everyday living, every working day and each night time, there need to be images of his victims, a person just after the other following the other, all the time a voice indicating, ‘Look what you have done to this aged woman, glance what you have performed to that boy or girl, glance what you have accomplished,’ practically nothing else.”

And prosecutors cited a letter from another sufferer, a female who “wrote that she still left the courthouse soon after Madoff’s initial sentencing ‘with a experience that justice experienced been completed,’ and is left now with the problem: ‘Should an incarcerated human being be produced from prison simply because of a terminal health issues, is not the serving of a 150 calendar year sentence meant to be terminal?'”

Last 7 days, the trustee dependable for recouping losses for Madoff victims, said his endeavours have recovered $13.93 billion.

That is 80% of the $17.5 billion that the trustee, Irving Picard, has mentioned that consumers dropped.

Correction: Federal prosecutors on Wednesday night filed a memorandum opposing Madoff’s request for early release. An previously version misstated the day.



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