Today was judgment day for Mr. Bernard L. Madoff, the poster child of ponzi scheme’s. Arguably the largest investment fraud, ever, Bernie Madoff – who operated Bernard L. Madoff Investment Securities duped investors out of purportedly $65 Billion.

After all is said and done, the judge threw the book at Madoff today handing down a ridiculous sentence of 150-years. Let’s be clear: We here at theymadoffwithyourmoney.com applaud his arrest, guilty plea, and subsequent sentencing. While we agree that Bernard Madoff deserves to spend the rest of his life in jail the actual number of years handed out doesn’t really mean anything (the guy is 71 years old – even a 30 year sentence is a life sentence).

Though largely symbolic, the sentence does not offer the victims of Bernie Madoff any restitution or closure other than the obvious knowledge that Madoff will die in prison. Many investors will never see their money returned, especially those who invested through feeder-funds or funds-of-funds; the Securities Investors Protection Corp. (SiPC) is not recognizing losses related to Madoff that were incurred through investment with third parties (like feeder funds).

So what does this all mean? Sadly, essentially nothing. While Madoff will rot in a dank jail cell for the rest of his years, his wife and kids will continue to live free (for now) and the victims will largely never be made whole. The trustee overseeing the liquidation of Bernard L. Madoff Investment Securities, Irving Picard, has only recovered slightly more than $2 Billion which is nowhere near the amount purportedly absconded with.

This is a horrible case, and has caused tremendous heartache, stress, and has destroyed peoples families. We’re glad he will spend the rest of his days in jail, but this is just the closure of one chapter. The real recovery for the victims has yet to begin.

Sound Off:

Do you feel 150 years means anything other than the symbolic meaning? Do you think Madoff deserved more/less?