Bernard Madoff is sentenced to 150 years in prison for the biggest Ponzi scheme in history, Bloomberg reports.
"Madoff appeared in court before U.S. District Judge Denny Chin for the first time since his March 12 guilty plea. 'I don’t ask for any forgiveness,' Madoff, 71, told Chin. He said he deceived his brothers, his two sons and his wife. Madoff pleaded guilty to securities fraud, mail fraud, wire fraud, investment adviser fraud, three counts of money laundering, false statements, perjury, false filings with the SEC and theft from an employee benefit plan."
The U.S. Attorney's office in Manhattan asked for the statutory maximum of 150 years "or a sentence that will effectively guarantee" the 71-year-old Madoff spends the rest of his life in prison, reports the Wall Street Journal. Madoff's lawyer asked for a sentence :of as little as 12 years" in prison.
Madoff's epic swindle may have reached $65 billion and impacted thousands of investors, including charities, hedge funds, trusts and individuals. Some investors lost their life savings overnight and are penniless.
Enjoy the rest of your life, Mr, Madoff.