Wall Street’s most notorious criminal is seeking clemency for swindling billions from investors.
Madoff is not asking for a pardon, but has instead filed a petition for “commutation of sentence,” which means a reduction in jail time. A pardon usually means that one’s civil rights are restored after release, while a commutation doesn’t.
The case is still pending, and it is unclear how the White House will respond. The White House referred questions about Madoff’s bid for clemency to the Justice Department, according to CNBC.: The disgraced financier pleaded guilty in 2009 to 11 criminal counts related to his long-running scheme, including fraud, money laundering and theft.
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