July 25, 2019
(Forbes) Notorious Ponzi-scheme mastermind Bernie Madoff has asked President Donald Trump to reduce his 150-year prison sentence for swindling billions from investors as part of the largest Ponzi scheme in history, according to Justice Department’s website.
The news was first reported by CNBC.
- Madoff is not asking for a pardon, but has instead filed a petition for “commutation of sentence,” which means a reduction in jail time. A pardon usually means that one’s civil rights are restored after release, while a commutation doesn’t.
- Madoff, who is 81, is currently serving a 150-year sentence in a federal prison in North Carolina.
- The case is still pending, and it is unclear how the White House will respond. The White House referred questions about Madoff’s bid for clemency to the Justice Department, according to CNBC.
Key Background: The disgraced financier pleaded guilty in 2009 to 11 criminal counts related to his long-running scheme, including fraud, money laundering and theft. In all, he took more than $20 billion for himself.
A court-appointed trustee has recovered $13.3 billion of the stolen money, according to the Wall Street Journal.
