A federal judge sentenced Bernard Madoff to 150 years in prison on Monday in a fraud of billions of dollars against victims over a period of ten years, according to Reuters.
Madoff, 71, spoke before a judge on Monday, stating he believes he made a terrible mistake in defrauding investors of billions of dollars, as a judge is set to soon impose a sentence which may put him in prison for the rest of his life.
The sentence handed down by U.S. District Court Judge Denny Chin in lower Manhattan was met with cheers and applause according to the report.
I'm responsible for a great deal of suffering and pain, I understand that, Mr. Madoff told the court, according to the New York Times. I live in a tormented state now, knowing all of the pain and suffering that I've created. I've left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren.
He also called his actions wrong.
I made a terrible mistake, Madoff said, according to a live blog by Reuters.
Victims of the convicted and admitted fraudster speaking on Monday before Madoff, told U.S. District Court Judge Denny Chin how they how they were affected.
The first victim was a retired New York City corrections officer, who said he never thought he'd find himself in the position he is today, according to a blog report by The AM Law Daily.
Next, a woman who says she is a 64 year old widow said she is struggling to survive, has lost the ability to care for herself at her age also to donate to charity, AM Law Daily reported. After her comments blaming government regulators, which she says failed to do their job, Judge Denny Chin asks her to wrap up, stating that those are not the issues before him.
The proceedings, which began at 10 a.m., saw Madoff seated in court next to his lawyers, looking down in front of him during their testimonies, according to a Reuters live blog report.
Several victims asked for the judge to impose the maximum sentence of 150 years in prison. Madoff's lawyer has previously requested as little as 12 years.
A total of nine victims spoke, according to AM Law Daily.