Madoff to be sentenced next week

Bernard Madoff's sentencing hearing is set for Monday, and it is shaping up as great theater. The victims will be out in force. Madoff faces up to 150 years in prison after pleading guilty on March 12 to 11 felony counts related to his massive Ponzi scheme. Federal sentencing guidelines call for Madoff to receive a life sentence. But his lawyers have said that a 12-year sentence is fair.

As you can imagine, this has his victims howling. One tells the AP such a light sentence would work only "if he was hung by his toes" the entire time. Madoff is expected to speak-specifically about "the shame he has felt and to the pain he has caused." It's unclear whether any victims will be allowed to speak. Many have asked. U.S. District Judge Denny Chin will have to work hard to keep this from devolving into a circus. My sense is that he'll go hard on the 71-year old. It's not like he cooperated readily with prosecutors.

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