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Bernard Madoff sentenced to 150 years in prison
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Published: June 29, 2009
NEW YORK - Bernard Madoff has been sentenced to 150 years in prison for his multibillion-dollar fraud scheme.
U.S. District Judge Denny Chin handed down the sentenced in New York on Monday.
The 71-year-old former Nasdaq chairman was arrested late last year after confessing to his sons that his secretive investment advisory business was a "big lie."
He pleaded guilty to securities fraud and other charges in March and has been jailed since.
Madoff apologized to his family and to the victims of his fraud scheme.
He said Monday at his sentencing that he "will live with this pain, this torment, for the rest of my life."
Madoff says that he dug himself "deeper into a hole" as the scheme progressed.
Attorney Ira Sorkin says the 150 years in prison recommended by prosecutors or the 50 years recommended by the federal probation department are excessive.
Victims who lost millions of dollars earlier urged a stiff sentence for Madoff.
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