Madoff fraud: The voices of the victims

Madoff's victims included the rich and famous, such as film director Steven Spielberg. Photo / UPP

NEW YORK - Judge Chin told swindler Bernard Madoff during sentencing this morning that his crimes had hurt not just the rich and famous who have been among his most talked-about victims, but more often people from ordinary working families, whose plans to put their children through college or to care for elderly relatives had been ruined.

"This is not a bloodless crime that took place just on paper, but one that took a staggering human toll," Judge Chin said.

He cited the example of a widow, who had visited Madoff two weeks after her husband died and who had put their savings in the hands of the swindler. "He put his arms around her in a kindly manner and told her not to worry, her money was safe with him. Now her money is gone."

Madoff's victims came from at least three continents and included celebrities, Steven Spielberg, Kevin Bacon and Zsa Zsa Gabor among them, pension funds, scores of charitable organisations, many of which have been forced to close, and philanthropists such as the Holocaust survivor Elie Wiesel.

Many, though, were anonymous individuals living off their savings, and nine of them travelled to the courthouse yesterday to make sure their voices were heard by the man who betrayed them.

"He stole from the rich. He stole from the poor. He stole from the in-between. He had no values," said Tom Fitzmaurice, describing how he and his wife, both 63, were now working at four jobs between them.

"There will be no retirement for us... no trips to California to visit our 1-year-old grandson, no vacations." He urged the judge "not to confuse Madoff's prepared statements with remorse."

Michael Schwartz, a 33-year-old whose family trust had been used not just to pay for him to go to college but was also a lifeline for a mentally disabled brother was still living at home, broke down as he addressed the court.

"Every time he wrote a cheque to pay for his decadent lifestyle, he killed dreams. I hope he is in imprisoned for long enough that his jail cell becomes his coffin."

"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.

Dominic Ambrosino called it an "indescribably heinous crime" and urged a long prison sentence so "will know he is imprisoned in much the same way he imprisoned us and others."

He added: "In a sense, I would like somebody in the court today to tell me, how long is my sentence?"

The scale of the fraud is "off the charts", Judge Chin said. Even the scale for measuring the severity of a fraud only goes up to $400m.

"Objectively speaking, the fraud here is staggering. I do not agree that the victims are seeking 'mob vengeance'," the judge added.

"They are not acting together as a mob... They are doing what they are supposed to be doing, which is putting their faith in justice."

- INDEPENDENT, additional reporting by AP