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NY con man's Valley victims await his sentencing

Reported by: Tim Vetscher
Email: tvetscher@abc15.com
Last Update: 6/29 11:50 am
Madoff is accused of running a $50 billion Ponzi scheme through his investment company.  (Mario Tama, Getty Images)
Madoff is accused of running a $50 billion Ponzi scheme through his investment company. (Mario Tama, Getty Images)
Video Click the play button on the video window to the right to see the story

SURPRISE, AZ -- Bernie Madoff was expected to hear from a Valley couple on Monday when he was sentenced by a federal judge in New York City.

The investment broker scammed his victims out of billions of dollars.

"I feel like it's my patriotic duty to do what I'm about to do," said Dominic Ambrosino of Surprise who is one of only 11 victims who will address the court prior to Madoff's sentencing.

Ambrosino is one of more than 50 people in Arizona who fell victim to Madoff's ponzi scheme.

"We felt safe and secure in our investments and then one day we get a call and the money is gone," said Phyllis Lerner of Scottsdale.

Seven months have passed since Lerner found out the truth about her investment broker, Bernie Madoff.

His sentencing in federal court Monday has brought the emotions of when she first learned of his scam rushing back.

"You're talking about a large number of people who have lost life savings, things they've worked for their whole lives," said Lerner. "It's devastating."

Lerner won't say exactly how much Madoff took her for.  She said it's not about the money, but instead that people's life savings were destroyed by Madoff.

Monday morning a federal judge sentenced Madoff to 150 years in prison for his crimes, running the largest ponzi scheme in United States history.

"We're hoping for justice," said Ambrosino's wife, Ronnie Sue.  "We're hoping for an adequate sentence that will fit the crime."

Lerner couldn't make it to New York, but had hoped Madoff would get his just due.

"This was a disaster," said Lerner.  "So many people have been affected by this.  People are losing homes.  It's been very upsetting."

With Madoff behind bars, Lerner hopes the government will take steps to protect future investors so that nobody will ever have to go through what she has over the past seven months.

Prosecutors had asked the judge to sentence Madoff to the maximum 150 years in prison.

Madoff's attorneys were hoping for just a 12-year sentence.



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