The news is out - Bernie Madoff, who probably created the world's biggest Ponzi scheme, has been sentenced to 150 years jail. It is unlikely that he would even serve 1/5 of that sentence, but with advances in medical science, you never know how long human life expectancies will increase.
Madoff's sentence for his fraud involving perhaps only US$13 billion in monies actually invested with his funds (not US$50 billion claimed by him) is the longest ever awarded by a US court.
In Singapore, on the other hand, the records for the longest sentence for commercial crime and the longest non-life sentence was formerly found in the case of SIA ex-employee Teo Cheng Kiat who was sentenced to 24 years jail. These records are now held by Chia Teck Leng who swindled banks of $117 million while he was finance manager of Asia Pacific Breweries. He was sentenced to 42 years jail in 2004.
If he behaves himself, he can get 1/3 time off for good behaviour, meaning that his sentence might only be 28 years, and he could be out in the year 2032.
Madoff's sentence for his fraud involving perhaps only US$13 billion in monies actually invested with his funds (not US$50 billion claimed by him) is the longest ever awarded by a US court.
In Singapore, on the other hand, the records for the longest sentence for commercial crime and the longest non-life sentence was formerly found in the case of SIA ex-employee Teo Cheng Kiat who was sentenced to 24 years jail. These records are now held by Chia Teck Leng who swindled banks of $117 million while he was finance manager of Asia Pacific Breweries. He was sentenced to 42 years jail in 2004.
If he behaves himself, he can get 1/3 time off for good behaviour, meaning that his sentence might only be 28 years, and he could be out in the year 2032.
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