Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

Former Madoff Executive, Daniel Bonventre, Gets 10 Years in Prison

 / Updated  / Source: Associated Press

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Bernard Madoff's former director of operations for investments was sentenced Monday to 10 years in prison and ordered to forfeit $155 billion. Daniel Bonventre, 67, was sentenced for his part in the company's yearslong multibillion-dollar fraud, and four of his co-defendants are expected to learn their fate in coming days. "I was used by the ultimate con man," Bonventre said before his sentence was pronounced.

Bonventre's sentence fell between what prosecutors and the defense sought. Prosecutors recommended Bonventre receive significantly more than the 20 years suggested by the Probation Department, saying he had lied to the Internal Revenue Service, the Securities and Exchange Commission, the jury and the judge. Bonventre's lawyers noted that their client turns 68 this month and that a sentence of any length could amount to a life term. Like defense lawyers for the others, they portrayed their client as a victim of a controlling and evil Madoff.

Madoff, who was arrested in December 2008, is serving a 150-year prison sentence. He was ordered to forfeit $171 billion. Madoff, the one-time Nasdaq chairman, told investors in financial statements in November 2008 that the nearly $20 billion they had given him had grown in value to over $60 billion. In reality, Madoff didn't invest their money and was nearly broke.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
MORE FROM news

Have feedback?

How likely are you to recommend nbcnews.com to a friend or colleague?

0 = Very unlikely
10 = Very likely
Please select answer

Is your feedback about:

Please select answer

Thank you!

Your feedback has been sent out. Please enjoy more of our content.

We appreciate your help making nbcnews.com a better place.