Re Bernard Madoff's 150-year sentence for defrauding investors today: Albert S. Dandridge 3d, a two-time former senior Securities and Exchange Commission official who's now chairman of the securities practice at Schnader Harrison Segal & Lewis LLP Philadelphia, writes:
"I am not surprised by the 150 year sentence Judge Chin handed down to Bernard Madoff today. Notwithstanding the massive fraud that took place, and the severe losses individuals and entities sustained, I believe the Court probably realizes that Bernie Madoff could not have acted alone in such a huge Ponzi scheme. Madoff was probably going to spend the rest of his life in prison no matter what.
"However, I believe a message is being sent to those who may have been participants in this fraud with Bernie Madoff. Such a sentence will give the SEC and DOJ leverage with respect to such persons to get to the bottom of the scheme, notwithstanding Bernie Madoff’s non-cooperation."
ALSO: "The sentence is of significance to the investors and it sends a loud message to others," said Richard A. Levan, a Philadelphia securities lawyer and former assistant U.S. attorney in Washington DC and senior SEC trial lawyer in Philadelphia whose clients include a Madoff "feeder fund" whose investors lost money.
Next in the Madoff case: "They've also indicted the accountant, and the SEC sued a couple of close confederates claiming they should have known. It suggests that no one at the top of the fraud is cooperating."
How Madoff scandal helped investors: "What's changed dramatically is the tone and toughness of the regulators since the Madoff scandal broke. It is palpable. I find they are more active, less flexible, and in search of tougher penalties.
"The SEC and Finra are definintely more concerned about their public profile. Client investors now know that it's no longer business as usual. They're doing tougher exames and one of their preoccupations is confirming custody -- that the money is really there. They're more likely to act on tips. Their response," in recent cases Levan has been involved with, "is nothing short of impressive. It's a notable step forward."
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