Bernie Madoff Sentenced To 150 Years In Prision for Billion Dollar Fraud Scheme!

The scandalous ill-reputed financier Bernard Madoff entered a New York courtroom and was sentenced to 150 years in prison for the largest Ponzi scheme in history.

U.S. District Judge Denny Chin said the federal probation department recommends that Bernard Madoff get 50 years in prison for a multibillion-dollar fraud scheme.

Madoff's lawyer has asked a judge to give his 71-year-old client 12 years behind bars. Prosecutors planned to seek a 150-year prison term, reports the Associated Press.

The former Nasdaq chairman was arrested late last year after confessing to his sons that his secretive investment advisory business was a "big lie."

He pleaded guilty to securities fraud and other charges in March and has been jailed ever since.

Nine scam victims spoke at the hearing.

Shortly before he received his sentence, Madoff offered an apology.

"I live in a tormented state for all the pain and suffering I created," he said. "I left a legacy of shame. It is something I will live with for the rest of my life."

Turning to face some of his victims, Madoff addressed them directly: "Saying I'm sorry is not enough. I turn to face you. I know it will not help. I'm sorry."

Madoff said he was not asking for forgiveness and not offering any excuses for his behavior.

"How can you excuse betraying thousands of investors?" he asked. "How can you excuse deceiving hundreds of employees? How can you excuse lying to and deceiving your wife who still stands by you?"

Victims implored the judge to hand Madoff the stiffest punishment possible. "We implore you to give the maximum sentence at a maximum prison for this deplorable low life," said one of the victims in court before Madoff spoke. "This is a violent crime without a tangible weapon."

Madoff's wife, Ruth, issued a statement through her attorney regarding her husband, "who stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves."

"I am embarrassed and ashamed," she said, in the prepared statement. "Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years."

source:

www.livesteez.com

Michael Jackson Lands On The Cover Of Times

Drake Signs Major Label Deal, Drops Indie Dream

According to inside sources, the rapper will join Lil Wayne and Bryan "Baby" Williams.

The long-anticipated wait is over as Drake has signed a record deal which places him under the wings of Young Money, Cash Money, Universal and Republic. While an official statement has yet to emerge, the rapper's long trek of signing speculation has come to an end.

According to several sources on the left coast, Toronto native, and Hip-Hop's second coming, Drake, who's been used as tug toy between Atlantic Records, Universal Records, Interscope Records and Def Jam Records has allegedly inked a deal with Universal Records. From my understanding, Drake was set to announce his new found Hip-Hop residence some time soon, but I guess word got out a little premature and landed directly in my lap. Now, the lil birdie who threw me this tidbit got the information straight from the label, so you can kill the LowKey's making up ish? commentary - ASAP. And if this doesn't serve true, well someone up at Universal Records has a lot of explaining to do. (BET)

source:

www.sohh.com

Pitch Man Billy Mays Is Dead

TMZ has confirmed TV pitchman Billy Mays was found dead today in his home in Tampa, Florida early this morning.

According to the Tampa PD, the 50-year-old TV pitchman was found unresponsive by his wife Deborah at 7:45 AM.

TMZ has learned Mays' body has already been removed from his home.

Mays had just returned from Philadelphia, where he shot a new OxiClean commercial. He was a passenger aboard a plane that suffered a blown front tire upon landing. He told a local TV station, "All of a sudden as we hit you know it was just the hardest hit, all the things from the ceiling started dropping. It hit me on the head, but I got a hard head."

We're told Mays was at his home around 6:00 PM last night, and according to a source Mays was "acting fine and normal ... he was talking business with his father-in-law."

According to cops, there are no signs of forced entry to the residence and no foul play is suspected. Billy's wife Deborah told investigators Billy wasn't feeling well last night.

The Medical Examiner's office is expected to complete the autopsy by tomorrow afternoon. Billy was due to have his third hip replacement surgery on Monday.

UPDATE: Deborah just released the following statement: "Although Billy lived a public life, we don't anticipate making any public statements over the next couple of days. Our family asks that you respect our privacy during these difficult times."

A rep for the Discovery Channel -- which airs Billy's show "Pitchmen" -- released this statement, "Everyone that knows him was aware of his larger-than-life personality, generosity and warmth. Billy was a pioneer in his field and helped many people fulfill their dreams. He will be greatly missed as a loyal and compassionate friend."

source:

www.tmz.com