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Albert Dandrige Quoted in Article Detailing the Madoff Sentencing

On June 29, 2009 by Schnader in News

Albert Dandridge, chair of Schnader’s Securities Practice Group, was quoted in a June 29 Philadelphia Inquirer article titled “Madoff Gets 150 Years; Judge Sends Warning.” Former financier Bernard Madoff was sentenced to 150 years in prison on Monday. Mr. Madoff pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors of billions of dollars through a Ponzi scheme. Judge Denny Chin of the U.S. District Court for the Southern District of New York said the fraud was so extensive that he needed to use the sentencing to send a symbolic message to potential imitators and to victims who demanded harsh punishment. Mr. Dandridge, a former official at the Securities and Exchange Commission, said of the strong message being sent by the sentencing judge, “I am not surprised by the 150-year sentence Judge Chin handed down to Bernard Madoff today.” He said he believed the court probably realized that Madoff worked with others to perpetrate the Ponzi scheme. “Madoff was probably going to spend the rest of his life in prison no matter what – however, I believe a message is being sent to those who may have been participants in this fraud with Bernie Madoff. Such a sentence will give the SEC and DOJ [Department of Justice] leverage with respect to such persons to get to the bottom of the scheme notwithstanding Bernie Madoff’s non-cooperation.”