Bernard Madoff, former Wall Street investor who orchestrated one of the biggest investment fraud schemes in American history, was sentenced to 150 years in prison in federal court in New York on Monday according to Bloomberg News.
Madoff was charged in March with defrauding investors to the tune of $65 billion in a Ponzi scheme. He pleaded guilty to 11 counts in federal court. A Ponzi scheme is an operation where investors only get money from subsequent investors, rather than from profits, so eventually the pyramid falls apart.
Madoff’s scheme led to numerous clients losing substantial amounts of money including such notables as Hollywood director Steven Spielberg, Hall of Fame baseball pitcher Sandy Koufax, and Nobel Peace Prize winner Elie Wiesel, who along with his wife lost their life savings.
A movie is being made about on Madoff’s life starring Hudson Reporter advertising executive and Jersey City resident Paul Cohen. Read more about the movie at http://www.hudsonreporter.com/pages/full_story/push?article-Made+to+play+Madoff+in+movie-With+no+acting+experience-+JC+resident+will+star+a s+billionaire-%20&id=2632947-Made+to+play+Madoff+in+movie-With+no+acting+experience-+JC+resident+will+star+as+billionaire.