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NEW YORK, NY -- A judge sentenced Bernie Madoff to 150 years in prison today for his role in a multibillion-dollar fraud scheme.
Dozens of victims of a fraud that lasted decades lined up outside the New York courthouse Monday along with scores of journalists in the hours before the sentencing.
Madoff's defense lawyer argued 12 years would be enough. Prosecutors asked that he spend the rest of his life behind bars.
U.S. District Judge Denny Chin said Monday that the federal probation department recommended that Madoff get 50 years in prison.
In court today Madoff apologized to his family and to the victims of his multibillion-dollar fraud scheme.
The financier said that he "will live with this pain, this torment, for the rest of my life."
At today's hearing Madoff's fraud victims urged the judge to hand down a stiff sentence.
Dominic Ambrosino calls the fraud an "indescribably heinous crime" and says he has no credit and can't get a mortgage.
Tom Fitzmaurice says Madoff stole from the rich, the poor and the "in between. He had no values." He says "my life will never be the same."
The judge has ordered the 71-year-old Madoff to forfeit his interests in all property, including real estate, investments, cars and boats, valued at $171 billion.
Madoff pleaded guilty in March to charges that his exclusive investment advisory business was actually a massive Ponzi scheme.
Federal prosecutors say Madoff orchestrated perhaps the largest financial swindle in history.
The 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 ever since.
