Madoff lawyer seeks 12-year term for swindler

Bernard Madoff's lawyer asked a judge to sentence Wall Street's biggest thief to a punishment of less than life in prison, saying the court should not give in to the "mob vengeance" sought by those he defrauded.

Mr Madoff "will speak to the shame he has felt and to the pain he has caused" at his June 29 sentencing hearing, defence lawyer Ira Lee Sorkin wrote in a letter to US District Judge Denny Chin made public yesterday.

Mr Madoff, 71, pleaded guilty in March to running a worldwide Ponzi scheme over at least two decades that milked investors out of as much as $65 billion. The maximum sentence on all 11 charges, including securities fraud, money laundering and perjury, adds up to 150 years in prison.

A 12-year prison term for Mr Madoff would be sufficient to address the issue of deterrence and to promote respect for the law, Dr Sorkin wrote.

A sentence of 15 to 20 years could also be appropriate without "disproportionately punishing" Mr Madoff.

Mr Madoff, a former non-executive chairman of the Nasdaq stock market and once-respected money manager sought after by investors for his seemingly steady returns, has been jailed since he pleaded guilty.

His sentencing proceedings are expected to draw many of his victims, including some who have asked to speak at the hearing to describe their pain and anger after losing their life savings to the swindle.