Bernard Madoff is sentenced to 150 years in prison for multibillion-dollar fraud scheme. U.S. District Judge Denny Chin handed down the sentenced in New York this morning.
The 71-year-old financier apologized Monday to his family and to his victims. He said 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 the former Nasdaq stock market chairman.
Madoff has pleaded guilty to securities fraud and other charges in March and has been jailed ever since.