Mr. Madoff’s fraud was not an aberration, but became the fabric of his life. He lived for the scheme until the recent market turmoil meant he could no longer keep up the pretense of profitability. He is a thief who took from his investors by preying on their ostensible sophistication, ultimately showing they were as gullible as those drawn into any other investment scam.
Mr. Madoff didn’t use a gun, and no one’s life was ever threatened, but the harm he caused was incalculable. Ponzi served three years for defrauding investors of $15 million. Mr. Madoff deserves far more.
Peter J. Henning, professor at Wayne State Law School, specializes in white-collar crime writes on the Times Deal Book site an opinion that concludes: