| Kippreport.com

Madoff sentenced to 150 years in jail

June 30, 2009 8:50 by Aarti Nagraj

Bernard L Madoff, the mastermind behind one of the biggest financial frauds in history, has been sentenced to 150 years in prison, the maximum term. Federal District judge Denny Chin condemned his crimes as “extraordinarily evil” while imposing the sentence on Monday. The sentence comes just six months after Madoff allegedly told his sons that his entire business was a massive Ponzi scheme. Prosecutors said Madoff’s investors lost at least $13 billion.

“I am responsible for a great deal of suffering and pain. I understand that,” he said in the court before hearing his sentence. “I live in a tormented state now, knowing of all the pain and suffering that I have created.”

“I am sorry,” he said, adding “I know that doesn’t help you.”