25 Jul 2019
Notorious Ponzi schemer Bernie Madoff is asking that President Donald Trump reduce his 150-year prison sentence — a request that Madoff’s prosecutor promptly called “the very definition of chutzpah.”
Madoff, 81, is currently locked up in a federal prison in Butner, North Carolina, for orchestrating the largest Ponzi scheme in history.
The decades-long scam conducted while he headed Bernard L. Madoff Investment Securities in New York City swindled thousands of investors out of billions of dollars.
Madoff, who pleaded guilty to 11 crimes in 2009, is not asking for a pardon from the president.
Instead, he is requesting clemency from Trump in the form of a sentence commutation, or reduction, according to an application filed with the Justice Department.
A search of the Justice Department’s website shows that Madoff’s clemency request is “pending.”
If Trump’s previous opinions on Madoff and his family are any indication, the uber-crook faces long odds in winning an early release from prison.
Trump, in his 2009 book “Think Like a Champion,” wrote that he said “no” to Madoff’s suggestion that he invest in his fund.
“I had enough going on in my own businesses that I didn’t need to be associated or involved with his,” Trump wrote in his book, according to an article at the time in U.S. News & World Report.
In that same book, Trump said he knew a number of people who had invested their life savings with the scamster.
“He is without a doubt a sleazebag and a scoundrel without par,” Trump wrote.
The New York Post, citing a source close to the Madoff family, two years ago reported that after Madoff’s conviction, Trump refused to rent his wife Ruth Madoff an apartment in his Manhattan buildings when she was looking for a new place to live.
By Dan Mangan, CNBC, 24 July 2019
Read more at CNBC
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