Bergen County Madoff Defender Sentenced To Six Months In Prison: Report

Irwin Lipkin was sentenced Wednesday to six months in prison and 18 months of home detention for falsifying financial documents that were used in the Bernie Madoff Ponzi scheme.

Lipkn, 77, was the last of 16 defendants to be sentenced in the case that saw Madoff receive a 150-year prison sentence, NorthJersey.com reported. He also must give up his Florida home, a Rolex watch, and a painting by the late comedian Red Skelton, the website said, but can keep his Paramus home and stamp collection.

Lipkin could have faced a 10-year prison sentence but U.S. District Judge Laura T. Swain gave him a reduced sentence due to the frail 77-year-old’s ongoing health problems, which include depression and heart disease, the report states.

Lipkin’s sentence has been postponed several times due to health reasons since he pleaded guilty in November 2012 to conspiracy to commit securities fraud, falsifying records, and making false filings with the Securities and Exchange Commission; he told authorities that he was allegedly unaware of Madoff’s $17 billion Ponzi scheme.

Lipkin’s son, Eric, of Ridgewood, was sentenced to nine months of home detention and 200 hours of community service for his role in the scheme, the report states. He, unlike his father, cooperated with authorities.