AP reports that disgraced 71-year-old fraudster Bernie Madoff has been sentenced to 150 years in federal prison.U.S. District Judge Denny Chin called Madoff's fraud so "extraordinarily evil" that he wanted to give Madoff's victims satisfaction -- and send a message to potential copycats.
Scattered applause and whoops of joy broke out in Judge Chin's packed Manhattan courtoom when the sentence was delivered.
Chin brushed off Madoff's requests for leniency, characterizing Madoff's crime as "staggering": Madoff's victims lost more than $13 billion.
Madoff showed no emotion as 9 of his victims testified, some weeping openly.
Allocuted by the court, Madoff minimized his crimes, and his wife, Ruth, claimed she was a victim, too.
A $171 billion forfeiture order has stripped Madoff of all his property. A $7 million Manhattan apartment where Ruth Madoff still lives, an $11 million Palm Beach estate, a $4 million home on Long Island, and a $2.2 million boat will be liquidated.
Once a trusted money manager, Madoff confided to his sons last year as Wall Street tumbled that it was "all just one big lie."
Madoff pleaded guilty in March to securities fraud and related charges.
Madoff's liquidated assets will be used to compensate the thousands of victims who have filed claims, but only a fraction of their losses will be covered.
Madoff never invested any of the money entrusted to him.
The article from the AP.
