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| Version 1 | Version 2 |
|---|---|
| Madoff accepts 150-year sentence | Madoff accepts 150-year sentence |
| (about 6 hours later) | |
| Imprisoned fraudster Bernard Madoff has decided not to appeal against his 150-year sentence, his lawyer has said. | Imprisoned fraudster Bernard Madoff has decided not to appeal against his 150-year sentence, his lawyer has said. |
| "We are not going to be appealing," Madoff's lawyer Ira Lee Sorkin said. "That's our decision and we have no further comment." | "We are not going to be appealing," Madoff's lawyer Ira Lee Sorkin said. "That's our decision and we have no further comment." |
| The 71-year-old was sentenced on 29 June, having pleaded guilty in March to 11 counts relating to running a multi-billion dollar investment fraud. | The 71-year-old was sentenced on 29 June, having pleaded guilty in March to 11 counts relating to running a multi-billion dollar investment fraud. |
| Madoff defrauded thousands of investors using a Ponzi scheme. | Madoff defrauded thousands of investors using a Ponzi scheme. |
| In addition to his prison sentence, he was also ordered to forfeit $171bn (£105bn) in assets, while his wife Ruth had to forfeit more than $80m in net worth she claimed was hers. | In addition to his prison sentence, he was also ordered to forfeit $171bn (£105bn) in assets, while his wife Ruth had to forfeit more than $80m in net worth she claimed was hers. |
| Retrieving money | |
| Also on Thursday, there was an update from Irving Picard, the trustee given the job of identifying any Madoff assets that can be divided between the victims. | |
| He said that 15,400 claims for compensation had been received by the 2 July deadline, up from the 8,800 that had been filed by early June. | |
| Mr Picard's firm has filed eight lawsuits aimed at recovering $13.7bn (£8.4bn) from investors who withdrew money from the fund shortly before it collapsed. | |
| The trustee also reported that he had managed to retrieve $144,000 of contributions made to political groups including the Democratic Senatorial Campaign Committee. |