Bernie Madoff Sentenced To 150 Years In Prison

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Bernie Madoff's attorney thought that the court might be lenient in sentencing his client given Madoff's advanced years, instead Judge Denny Chin of U.S. District Court in New York announced the 150 year sentence just moments after Madoff apologized to his victims.

"I live in a tormented state for all the pain and suffering I created," Madoff said. "I left a legacy of shame. It is something I will live with for the rest of my life."

Turning to face some of his victims, he addressed them directly: "Saying I'm sorry is not enough. I turn to face you. I know it will not help. I'm sorry."

Madoff said he was not asking for forgiveness and not offering any excuses for his behavior.
"How can you excuse betraying thousands of investors?" he asked. "How can you excuse deceiving hundreds of employees? How can you excuse lying to and deceiving your wife who still stands by you?"

One of Madoff's former clients stated in a victim impact statement addressed to the court,"We implore you to give the maximum sentence at a maximum prison for this deplorable low life, this is a violent crime without a tangible weapon."

The 150-year sentence is the maximum that federal prosecutors in New York requested, based on the number of Madoff's victims, the amount of money he stole and the extent of the damage he caused. Judge Chin said that the Federal Department of Probation had recommended a 50-year sentence.

Madoff, who was stripped of his property in a legal action Friday, confessed on March 12 to running a massive Ponzi scheme. He pleaded guilty to 11 criminal counts, including fraud, money laundering, perjury, false filing with the Securities and Exchange Commission, and other crimes.

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