Madoff "Has No Conscience, No Soul, and No Remorse"

Victims detail pain, suffering ahead of the disgraced financier's sentencing

Monday, Jun 15, 2009  |  Updated 7:22 PM CDT
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Bernard Madoff & His Victims

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Bernie Madoff could get a sentence of life in prison when he's sentenced at the end of this month.

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New York City prosecutors have submitted 113 victim statements to a judge ahead of failed financier Bernard Madoff's sentencing later this month.

The statements submitted Monday include eight from victims who wish to speak at the June 29 sentencing.  Most victims are demanding that Madoff get the most severe punishment possible -- life in prison.

Read the letters

The 71-year-old Madoff has been jailed since he pleaded guilty in March, admitting that a giant fraud cost thousands of investors tens of billions of dollars.
    
A letter from a man who identified himself as Paul Allen said he was left at age 89 "devoid of future hope" because of the fraud.

Former investor Ken Kohl wrote "we have lost EVERYTHING," including savings to send his son to college.

"Our lives have been turned upside down," he said.

Emma De Vita of Pennsylvania said she is an 81-year-old widow who has been left penniless.

"The money invested with Madoff was accumulated over a lifetime to ensure a secure personal retirement and as a means of helping to fund the education of my great grandchildren."

"Clearly he has no conscience, no soul, and no remorse," she said.

A woman named Ronnie Sue Ambrosino lamented the situation she and her husband Dominic are now in.

"I haven't cried too many times during this ordeal. I don't have time. I'm trying to rebuild my life and as I do I watch my husband going back to work , leaving at 5 a.m. each morning to work in 100+ degree heat. I was hit by a van while attending the March 12 plea hearing and was in a cast for 8 weeks. I'm still recovering from that and as such have not been able to work. i did have a job lined up before the accident and now have lost that opportunity."

Kathleen Bignell, of Colorado, also described a sad reality.

"We now have nothing. Only living off social security. I told my father (89) he could not die because I didn't have enough money to bury him."

On Friday, federal officials announced that more than $161 million has been approved for compensation payouts to 347 defrauded Madoff investors. The money is slated to pay advances of up to $500,000 per investor, considered a very small percentage of claims that total $1.02 billion.

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