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June 29, 2009 11:48 AM

Live Blogging the Madoff Sentencing: The Hearing Wraps

Posted by Brian Baxter

Everyone seems to be in a state of shock about Judge Chin giving Madoff the maximum sentence allowable under the law.

The general consensus outside the coutroom this morning was that Judge Chin would give Madoff something along the lines of a Bernard Ebbers or Sam Israel verdict of 25-to-30 years in prison. Far from it.

Once again, our veteran courthouse correspondent and colleague Mark Hamblett from the New York Law Journal was in court, and we'll be sure to point you towards his story later today.

Signing off for now, until Marc Dreier next month.

READ BRIAN BAXTER'S LIVE BLOGGING OF THE MADOFF SENTENCING FROM START TO FINISH BELOW


We're In - 10:02 AM

We're in. We had to battle hordes of bystanders, a phalanx of aggressive foreign journalists, and testy U.S. marshals, but we managed to get into the federal courthouse here in downtown Manhattan. All dictaphones, duplication machines, and mimeographs have been requisitioned by the appropriate authorities. Click here to read more.

The Judge Enters - 10:09 AM

Judge Denny Chin is the man everyone is waiting to hear from today. Click here for a quick backgrounder on the judge, courtesy of the Times of London. Chin has now entered the courtroom. Click here to read more.

The Victims Speak - 10:19 AM

The first victim has gotten up to speak. He is a retired New York City corrections officer who notes that while he's no stranger to the inside of a courtroom, he never thought he'd find himself in the position he is in today. Click here to read more.

"May God Spare You no Mercy" - 10:27 AM

Judge Chin cuts off the second victim, after she rails too long against the goverment regulatory agencies that she accuses of failing to do their jobs. Click here to read more.

Pleading With the Judge - 10:44 AM

A fourth victim pleads with Judge Chin to "not fail us" and give Madoff the maximum sentence allowable--roughly 150 years in prison. She criticizes the IRS and SIPC for their callousness to Madoff victims and says that she cannot take out a loan to pay for her daughter's college education because she fears clawback litigation. Click here to read more.

Madoff is a "Beast," Says Final Victim to Speak - 10:58 AM

The eighth victim to speak says that she lives with a "fear that strikes her at all hours." Like the many other Madoff victims, she's lost everything. But she also says that she feels a sadness that another human being could do something like this to her. Click here to read more.

Madoff is "Flawed" but a "Human Being," Sorkin Says; Asks for 12 Years - 11:12 AM

Ira Sorkin, Madoff's lead lawyer, now stands to speak. "As the victims have said, there is no doubt this is a tragedy, " he says. "We represent a deeply flawed individual. But we also represent a human being." Click here to read more.

Madoff Speaks - 11:20 AM

"Your Honor, I cannot offer you can excuse for my behavior," Madoff says. "How do you excuse lying and deceiving thousands of investors. How do excuse lying and deceiving over 200 employees. How do you excuse lying and deceiving a wife of 50 years, who still stands by you." Click here to read more.

150 Years for Madoff - 11:40 AM

Judge Denny Chin has sentenced Bernard L. Madoff to 150 years in prison. Chin gave Madoff the maximum sentence on all 11 counts, which will be served consecutively. For a brief moment, the courtroom erupted with applause. Click here to read more.

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