Subscribe to my Feed
« How can we improve financial firms’ disclosures? | Home | To stay out of court, prevention is the best medicine! »
Is a 12-year sentence enough for Madoff?
By Lauren | June 24, 2009
The Associated Press reported today that Bernard Madoff’s lawyer, Ira Sorkin, has asked the judge who will sentence Madoff to limit his jail time to a mere twelve years. Sorkin contends that sentencing the 71-year-old Madoff to only a dozen years in prison would be appropriate, given that Madoff surrendered voluntarily, accepted responsibility for his crimes, and made an effort to cooperate with authorities. And, as Sorkin points out, Madoff’s crimes were non-violent … sort of.
Sorkin’s arguments paint a rosier picture of Madoff’s behavior than his client probably deserves. It’s not as though Madoff’s actions (summarized in eleven felony counts of securities fraud and perjury) were exactly a one-time thing, nor did he voluntarily come clean and make restitution before the government finally caught up with him. Sorkin’s argument that Madoff’s crimes were “non-violent” doesn’t entirely hold water, either. It’s true that Madoff didn’t shoot anyone or steal from people at gunpoint. However, Madoff not only deprived individual investors of much of their money, he preyed on charitable foundations, stripping them of funds that could have helped people in desperate need. It doesn’t take physical violence to impose a world of hurt on the poor.
Madoff has reached an age where a twelve-year sentence might well keep him in prison for life, and the public humiliation he’s suffered has no doubt taken its toll. Sorkin promises that Madoff will “speak to the shame he has felt and the pain he has caused” at his sentencing hearing, and I hope his statements give his victims some comfort. Still, Sorkin has ignored one critical factor in asking the court to take it easy on his client. Sentencing Madoff to only twelve years in prison could send a message to other would-be financial pirates that they won’t risk serious consequences if they pick up where Madoff left off. That would be a serious mistake. I’m a great believer in mercy … but deterrence is important, too.
Topics: Apologies, Business Ethics, Legal Ethics, ethics |
June 25th, 2009 at 7:11 am
Hi Lauren,
I agree with you. One could argue that his age is even more appropriate for a life sentence than say a 40-year old. I think Sorkin is shooting himself in the foot. Hopefully logic and ethics prevail!
Jeff Blumberg
June 29th, 2009 at 9:45 am
[...] more here: Is a 12-year sentence enough for Madoff? Social [...]