Madoff's Attorney Seeks 12-Year Sentence for Convicted Ponzi Schemer

June 23, 2009— -- The man who prosecutors say ran a $65 billion Ponzi scheme, the biggest financial scam in U.S. history, should spend 12 years behind bars according to his defense attorney. Bernard Madoff's lawyer, Ira Sorkin, has asked U.S. District Judge Denny Chin to consider a 12 year prison sentence for his client saying his client has cooperated with the investigation.

"A prison term of 12 years – just short of an effective life sentence- will sufficiently address the goals of deterrence, protecting the public, and promoting respect for the law without being 'greater than necessary' to achieve them," Sorkin wrote in a letter submitted to the court on Monday.

Sorkin asked the judge to consider the fact that Madoff confessed the scheme to his sons and "effectively turned himself in" rather than continuing to run the Ponzi scheme or flee the country. Though his sons have not been charged with any wrongdoing, the investigation into Madoff's possible accomplices continues. The sons, as well as Madoff's wife Ruth, all benefitted from investor money that funded at least part of their lavish lifestyles, including shopping sprees and trips, court documents have shown.

"(We) recognize that terrible losses have been suffered as a result of Mr. Madoff's conduct," according to Sorkin's letter. He said he told Madoff about the "heart-wrenching" statements submitted by the victims. Many of those victims have called for a life sentence for Madoff.

"Dreams are gone, a sense of security is gone and the void is filled with fears, questions, uncertainty and sadness," Sue Marshall, a victim, wrote in a letter submitted to Judge Chin.