FORT LAUDERDALE, Fla., June 29, 2009 (GLOBE NEWSWIRE) -- Jeffrey Sonn, Esq., a nationally known securities attorney for investors, says that Madoff's sentence was just. "Madoff's sentence of 150 years was appropriate," said Jeffrey Sonn, Esq., of Sonn & Erez, which firm many Madoff investors in class actions and SIPC claims, and who has represented investors and an SEC Receiver in Ponzi scheme cases over the last 21 years. "Madoff has destroyed the lives of thousands of investors and charities," added Sonn. "The reality is that a 150 years sentence will not ever replace the billions of dollars that Madoff stole from victims, but Madoff's Ponzi scheme was so vast, he deserved the maximum sentence allowed by law," said Sonn. "Madoff, who said 'I'm sorry' to victims in court, was a scripted remark," opined Sonn.
Ira Sorkin, attorney for Madoff, claimed during sentencing that Madoff is working with authorities to help recover the $50-65 billion lost. Sorkin also argued that Madoff is helping recover $13.2 billion, during the sentencing of Madoff. "I don't believe Sorkin or Madoff can help recover $13.2 billion," Sonn said. "The reality of this Ponzi scheme, like all others, is that Madoff stole from later investors and paid earlier investors," said Sonn. "Most of the money was given to victims as alleged profits, and used by victims to live," added Sonn. "The best shot for investors are lawsuits recover monies from banks, hedge funds, and promoters or partnerships who profited from this Ponzi scheme, such as the Pickower family, who allegedly collected $5 billion in profits," remarked Sonn. "I have worked on Ponzi scheme cases for over 20 years," added Sonn, "and very few ever make the victims whole. Most victims usually only recover a fraction of what they invested," said Sonn. "Madoff's scheme lasted so long, it is likely impossible to ever make investors whole, which is why the sentence of 150 years was correct," added Sonn.
"Madoff's case is further proof that self-regulation of broker dealers by Wall Street via the Financial Regulatory Authority (FINRA) just doesn't work," said Sonn. "Bernard Madoff used to serve on the board of governors of the NASD, the predecessor to FINRA, formerly chaired by now SEC Chairperson Mary Shapiro, so the fox was guarding the henhouse," said Sonn. This should be a wakeup call to Congress to act, take away self regulation," added Sonn. "FINRA is supposed to conduct branch audits of broker dealers, and they should have caught this blatant theft long ago," said Sonn.
Sonn & Erez is an AV-Rated law firm that represents investors nationwide in stockbroker misconduct and investment fraud cases. The firm has represented individual and institutional investors against most major Wall Street brokerage firms in claims involving stocks, bonds, options, auction rate securities, mutual funds, hedge funds, and other structured products. If you lost money by the fraud or negligence of others, please contact Jeffrey Sonn, Esq. or Jeff Erez at 1-866-372-8311, or 305-785-0497 for a free evaluation. You also may visit the firm on the web at www.sonnerez.com.
For more information, contact Jeffrey Sonn or Jeffrey Erez at Sonn and Erez PLC.