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Bernie Madoff

Bernie Madoff

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In his ruling Monday, U.S.

District Judge Denny Chin has slammed admitted Ponzi schemer Bernie Madoff with the maximum sentence of 150 years in prison.The 71-year-old former Nasdaq chairman pleaded guilty to bilking US $65 billion out of 8,000 investors in March and has been jailed since.

The 11 criminal counts Madoff admitted to include charges of securities fraud, investment adviser fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, and theft from an employee benefit plan.Defense attorneys wanted Madoff to get only 12 years in prison, citing his age and health.

"A prison term of 12 years — just short of an effective life sentence — will sufficiently address the goals of deterrence, protecting the public and promoting respect for the law," wrote Madoff's attorney, Ira Sorkin.Madoff's victims thought otherwise."I just want him to hear how he has ruined and destroyed my life," former fashion model Sharon Lissauer told reporters on Sunday.

"Everyone had so much trust him, and he betrayed everyone.""He stole from the rich.

He stole from the poor.

He stole from the in between.

He had no values," said another Madoff victim Tom Fitzmaurice.

"He cheated his victims out of their money so he and his wife Ruth could live a life of luxury beyond belief.""We lost our freedom," said a third Madoff victim.After the sentencing, Madoff spoke and apologized to his family and to the victims, saying "I dug myself deeper into a hole" as the scheme progressed and that he made an "error in judgment … I could not accept that for once in my life, I failed," he said."Saying I'm sorry is not enough I will live with this pain, this torment, for the rest of my life," he added.

Then Madoff turned to face his victims and said: "I turn to face you, I know this will not help.

I'm sorry."Share this post:
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