BUSINESS BRIEFING / COURTS
Times Wire Reports
New York investment manager Bernard L. Madoff will not appeal his 150-year prison sentence for an epic fraud that began unraveling in December when he confessed to his sons that nearly $65 billion he had promised investors was safe was actually only worth a few hundred million dollars.
“We won’t be appealing the sentence,” said Madoff’s lawyer, Ira Sorkin. Sorkin declined to say why the decision was made.
Madoff, 71, was sentenced last week after admitting that he had bilked thousands of investors in a Ponzi scheme that spanned the globe.
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