Bernard Madoff Sentenced to Maximum for Ponzi Scheme: 150 Years in Prison
Bernie faces victims and apologizes, says there's no excuse for his fraud.
June 29, 2009— -- 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.
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