Madoff Gets 150 Years In Prison

Crooked Wall Street financier Bernard Madoff has been sentenced to 150 years in jail for swindling investors out of billions of pounds.

The 71-year-old was handed the maximum prison term for the crime, despite apologising in court to his victims.

Madoff said he would have to "live with this pain for the rest of my life".

He admitted masterminding an enormous pyramid scheme that duped over 4,000 investors out of their money.

Madoff's lawyers had suggested that 12 years would be enough, but prosecutors pushed for the full 150 years.

Many of the victims also wanted the toughest possible sentence to be imposed, including one tearful woman who asked that he be kept "in a cage behind bars".

Also, a man who was financially "wiped out by Madoff" said he wanted "to make sure his prison cell becomes his coffin."

The Wall Street swindler defrauded mostly middle class teachers and farmers out of their investments.

Among his victims were Hollywood celebrities, international movers and shakers, some of the world's most famous banks, including Santander, and Jewish charities.

Addressing the judge and several victims in the New York court, Madoff said: "I leave a legacy of shame to my family.

"I am responsible for a great deal of suffering and pain. I live in a tormented state. I apologise to my victims. I am sorry."

Many of those he conned could not afford to pay their bills. In February a British soldier committed suicide after being bankrupted in the scam.

Madoff and his wife Ruth lived a life of luxury, with homes in Manhattan, the Hamptons and Florida.

He also said he knew that fraud was "wrong" and "criminal" but added: "I believed it would end shortly and I would be able to extricate myself and my clients from the scheme."

As time went on it proved "difficult" and then "impossible" to end, he said.

The fraud entailed more than £30bn of clients' money pumped into the scheme under the pretence it was being invested in securities.

Instead, the money was deposited in bank accounts and used periodically to pay other investors to maintain the impression they were making steady returns.

When the scam was exposed, Madoff claimed to hold £40bn worth of client money - in reality, he had only £1bn.

Most of the missing money has not been located, although prosecutors have set about seizing assets such as property and boats.