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 mninutes ago. 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 has apologized to his family and to the victims of his multibillion-dollar fraud scheme.
The 71-year-old financier said at his sentencing today 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.
Victims who lost millions of dollars earlier urged a stiff sentence for the former Nasdaq stock market chairman.