LONDON (ShareCast) - Convicted fraudster Bernard Madoff has been given the maximum life sentence of 150 years for masterminding the $50bn (£30.3bn) ponzi-style investment fraud.
Judge Denny Chin, whose sentence was greeted with cheers
and applause, described the fraud as "staggering" adding that "the breach of trust was massive". Madoff was sentenced on eleven charges, including securities fraud and money laundering.
Chin said he handed down the maximum to make an example of the case. Madoff's lawyer had asked for a lenient 12 years to reflect his life expectancy.
The court heard emotional testimonies from Madoff's victims and the impact the fraud had on them. The indictment suggested over 1,300 account-holders lost about $13bn in the fraud.
Madoff, who pleaded guilty in March, turned directly to his victims in the court and apologised. "I apologise to my victims. I am sorry," said the 71-year-old.
The disgraced financer also apologised for "legacy of shame" he had brought on his family and the industry. "I live in a tormented state for all the pain and suffering I created," he said. "It is something I will live with for the rest of my life."
Madoff's wife Ruth, who has not been charged, last week forfeited all of her property except for $2.5m, which she has been allowed to keep.
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