This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
No Prison Time for Madoff if Convicted Under Proposed Rules
"If Bernie Madoff had committed his crime in California under the proposed statute, his … scam which has destroyed countless lives and fortunes, would have been a misdemeanor," wrote LA District Attorney Steve Cooley in a letter to Governor Arnold Schwarzenegger obtained by the LA Times today. In trying to fix the $24 billion state budget deficit, Schwarzenegger proposed changing state sentencing guidelines so that some felonies would be prosecuted as misdemeanors. The theory behind that idea is saving $1 billion over three years since 23,000 criminals would be ousted from state prisons and into local ones and re-entry programs.