Notorious Ponzi scammer Bernie Madoff has been sentenced to the maximum 150 years in prison for the $65 billion fraud that swindled his many devastated victims.
Judge Denny Chin said the sentence was a symbolic one for a crime that showed "extraordinary evil" and "took a staggering human toll."
Madoff, addressing the court in a dark suit, white shirt and black tie for about six minutes, said that when he started the scam, he thought he'd be able to "work my way out." He said he lives in a tormented state and expressed regret of leaving a "legacy of shame" to his family and grandchildren."
He maintained that he acted alone, saying, "How do you excuse lying to brother and sons? How do you excuse lying and deceiving a wife who stood by you for 50 years and still stands by you? There is no excuse for that and I don't ask for forgiveness."
He then faced his victims in court and said, "I'm sorry."
When the sentence was read, the courtroom broke out in applause.
Click here for complete Blotter coverage of Madoff and his Ponzi scheme.
Through her attorney, Ruth Madoff released a written statement after the sentencing expressing her shock and feeling of betrayal of her husband's crime, saying, "The man who committed this horrible fraud is not the man whom I have known for all these years."
She said that since the fraud was revealed in December, she has thought "first, that so many people who trusted [Madoff] would be ruined financially and emotionally, and second, that my life with the man I have known for over 50 years was over."
Click here to read Ruth Madoff's full statement.
Outside the U.S. District Court in lower Manhattan, there was a steady flow of Madoff victims as they arrived at the courthouse, and many stopped to speak to the media to describe their losses before hearing the fate of the man who swindled them.
Madoff's attorney Ira Sorkin arrived and immediately entered the courthouse without making any statements.
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