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.

Expenses Scandal Creates Another Victim

A Scottish Labour MP accused of trying to claim dubious electrical costs on expenses has been barred from standing as a Labour candidate at the next general election.

Livingston MP Jim Devine, who was alleged to have submitted an improper invoice for a £2,157 rewiring bill, appeared before Labour's "star chamber" endorsements panel to defend his claim.

A party spokesman said: "After considering in detail the case of Jim Devine and speaking to him, the Labour Party's special NEC (national executive committee) endorsements panel today unanimously recommended rescinding his endorsement as a Labour candidate."

He continued: "As both Gordon Brown and the national executive committee have made clear, the Labour Party demands the very highest standard of its MPs."

The expenses scandal claimed its latest victim after it was revealed that full details of every MP's expenses are to be published on the Parliament website on Thursday.

Earlier, Harriet Harman's announced that she did not think MPs could continue to employ family members.

Commons Leader Ms Harman gave evidence to an inquiry by the Committee on Standards in Public Life.

She told Sir Christopher Kelly that although spouses and relatives often worked harder than other people, "I think it is almost impossible to convince the public that actually there is fair employment opportunity.

"I think my own view is that it is just too difficult to sustain public confidence."

Ms Harman also said "barracks-style" accommodation for MPs to use during the week, funded by taxpayers, would not be feasible for members with families who did not want to be separated from them between Monday and Thursday.

"It does have to be recognised that we do not want a parliament that is exclusively made up of people who are prepared to set their family life entirely on one side," she said.

The investigation by the Committee on Standards in Public Life was set up in April after details of claims started appearing in The Daily Telegraph.

Chairman Sir Christopher Kelly said the system of MPs' expenses appeared to have been "exploited for personal gain".

He has said he intends to deliver "a comprehensive set of recommendations" to clean it up.

However, he insisted the inquiry could not be rushed, and would not report before the autumn - despite Gordon Brown's suggestion it may be earlier.

All the main parties have indicated they will accept the committee's proposals for reform.

Emergency measures to prevent the most notorious expenses practices - such as "flipping" second home designation to maximise claims - have already been introduced.