Friday, October 30, 2020

Ponzi Scheme: Bernard Madoff asks Trump to reduce his 150-year prison term

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Notorious Ponzi scheme architect Bernard Madoff – who is currently serving a 150-year prison sentence – has filed a petition for clemency with the Department of Justice.

Madoff, 81, is asking that his sentence be reduced, not for a complete pardon, as first reported by CNBC and confirmed to FOX Business by the Justice Department.

Requesting clemency would require President Trump’s approval for a federal crime.

The agency’s website says the status of the case is still pending.

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About a decade ago, the financier was convicted of running one of the largest Ponzi schemes in history – he was charged with 11 counts of fraud, money laundering, theft and perjury. He was accused of cheating investors out of as much as $65 billion over the course of 20 years. The fraud involved about 4,800 clients.

Madoff is currently serving his sentence in a North Carolina prison.

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