After telling a federal judge that he had no excuse for his actions, Bernard Madoff was sentenced Monday to 150 years in prison.
Madoff, 71, pleaded guilty on March 12 to charges relating to a ripoff scheme with losses that may total as much as $65 billion.
“I don’t ask for any forgiveness,” Madoff told U.S. District Judge Denny Chin today.
Nine former investors also addressed the court, saying that they had lost their life’s savings to the investment swindle.
“The fallout from having your entire life savings robbed from right under your nose is like nothing you can describe,” said defrauded investor Dominic Ambrosino. “In a sense, I would like somebody in the court today to tell me how long is my sentence.”
Bernard Madoff
After listening to his victims’ statements, Madoff apologized.
“I’m responsible for a great deal of suffering and pain, I understand that,” he said. “I live in a tormented state now, knowing all of the pain and suffering that I’ve created. I’ve left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren.”
His attorney, Ira Sorkin, told that judge that his client was a “deeply flawed human being.” Sorkin had requested a prison term of 12 years.
Chin gave Madoff the maximum sentence, describing his crimes as “extraordinarily evil.” He noted that no friends or family had submitted any letters in support of Madoff.
“The fraud here was staggering,” he said. “It spanned more than 20 years.”
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