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 It's judgment day, quite literally, for Bernard Madoff. The disgraced financier goes before U.S. District Judge Denny Chin Monday to receive his prison sentence. While his lawyer has requested a fairly lenient 12 years, which might allow the 71-year-old to see the light of day again, his sentence could reach 150 years. The probation department has already told the judge that it recommends Madoff get 50 years in prison for the multibillion-dollar fraud scheme. His victims are currently at the court to speak their minds and see Madoff receive his punishment after his $65 billion Ponzi scheme came to an end; all that remains to be seen is whether Chin will throw the book at him. There will be significant pressure on the judge to make an example of the man who has become the face of disgrace for the financial crisis -- a well-respected, well-connected pillar of the financial community who commanded enough trust that billions were entrusted to him with no questions asked. Madoff has already been stripped of all his possessions under a $171 billion forfeiture order handed down last week, where the judge ruled that Madoff must give up his interests in all property, including real estate, investments, cars and boats. His wife Ruth Madoff also gave up more than $80 million of property she claimed was hers. The order left her $2.5 million in assets -- and forced her to start riding the subway. The sentencing won't be the last scene in this tragedy, though, as the Securities and Exchange Commission is going after Madoff's alleged accomplices. The SEC has already filed civil fraud charges against brokerage firm Cohmad Securities Corp., its co-founder Maurice Cohn, and Cohmad executives Marcia Cohn (Maurice's daughter and the firm's chief operating officer) and Robert Jaffe (a Cohmad broker and the son-in-law of Carl Shapiro, the 95-year-old Palm Beach, Fla., philanthropist who was one of Madoff's earliest and largest investors). - George White See AP story on sentence recommendation See The Deal's Financial Rogues gallery See Dealscape post on Madoff getting 12 years See AP story on Madoff assets See Dealscape post on Madoff accomplices
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