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"We are not going to be appealing," Madoff's main lawyer Ira Lee Sorkin told a number of news outlets Thursday. "That's our decision and we have no further comment." Madoff, 71, was sentenced on June 29 by U.S. District Court Judge Denny Chin to an effective life term for Wall Street's biggest fraud and had the right to appeal to the U.S. Court of Appeals for the 2nd Circuit in New York. Still at his digs at the Metropolitan Correctional Facility in Manhattan, Madoff would like to be sent to Federal Correctional Institute Otisville, a medium-security prison 77 miles north of New York City. But that's not going to happen since the length of his sentence and the wide and sweeping nature of his crimes means he would have to serve his time in a maximum security prison. Spending time with hard core criminal element does not appear to appeal to Madoff, who, according to The Times of London, hired prison consultant Herb Hoelter of the National Center for Institutions and Alternatives. Hoelter's previous clients include the jailed Sotheby's chairman Alfred Taubman and financiers Michael Milken and Ivan Boesky. Maybe Madoff, who was arrested by the FBI in December after his kids turned him in, should have been more forthcoming about naming any co-conspirators in the fraud. The only other person charged so far is his outside accountant, David Friehling, but reports note that 10 or more people being investigated by the FBI could also be charged. Meanwhile Madoff has been stripped of all his wealth, including luxury properties, yachts and other belongings. His wife Ruth was allowed to keep $2.5 million under an agreement with prosecutors, but authorities seized the couple's penthouse apartment last Friday. Elsewhere in the world of white-collar fraudsters, prosecutors announced Wednesday that they planned to seek a 145-year jail sentence for Marc Dreier, the lawyer who ripped off hedge funds and other investors to the tune of $400 million. Dreier's lawyer Gerald L. Shargel wants Judge Jed S. Rakoff of Federal District Court in Manhattan, to give his client a term of 10 to 12 1/2 years. "In seeking some measure of leniency," Shargel wrote to the judge on Wednesday, "we appeal not to sympathy but to reason." Shargel noted that such a sentence would be "both rational and proportionate." He said his client was "profoundly remorseful" and had cooperated extensively with investigators as they tried to track down the millions lost. But prosecutors want the harshest sentence possible in order to "deter other lawyers who are tempted to steal, cheat or otherwise dishonor their profession to achieve personal wealth." Dreier sent his own letter to the judge, saying that his crimes were "inexcusable" and that he deserved "a significant prison sentence." "I have already been disgraced beyond anything I could ever have imagined," he wrote, adding that despite any good he had accomplished, he would "always be remembered as a thief." Dreier will find out how long he'll spend behind bars when he's sentenced on Monday. - Donna Block See story from The Times of London
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Self-confessed swindler Bernard Madoff has decided to do the time and not appeal the 150-year prison sentence he received for masterminding a global multibillion-dollar Ponzi scheme.
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