On Monday, Bernard Madoff’s lawyer asked for leniency.

Madoff was in court to hear what his sentence would be after pleading guilty in March to 11 counts of fraud, money laundering and mail fraud.

The charges stem from his investment management business, which for years was a storied and mysterious money machine. Madoff supposedly had a foolproof system that returned double-digit gains year in and year out, in good times and bad.

Investors felt privileged to be allowed to invest with Madoff. It turns out they should have run instead.

The whole ...

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