Swindler Bernard Madoff should receive a sentence that ensures he will spend the rest of his life in prison for running Wall Street's biggest investment fraud, U.S. prosecutors argued on Friday.

The government said in a memorandum to the Manhattan federal court judge that the scope, duration and nature of the crimes means Madoff, 71, deserves maximum punishment allowed under the law at Monday's sentencing.

In papers submitted to U.S. District Judge Denny Chin made public on Tuesday, Madoff's lawyer argued that a sentence of 12 years for the swindler would be sufficient, citing statistics that he had a life expectancy of 84. Lawyer Ira Lee Sorkin also asked the judge not to give in to the mob vengeance sought by those Madoff defrauded.

Madoff pleaded guilty in March to 11 criminal charges including securities fraud, money laundering and perjury for orchestrating a worldwide investment scheme that drew in as much as $65 billion over 20 years.

The case is USA v Madoff 09-213 in U.S. District Court for the Southern District of New York (Manhattan)

(Reporting by Grant McCool; Editing Bernard Orr)