Bernard Madoff sentenced to 150 years in prison for multibillion-dollar fraud scheme

Bernard Madoff sentenced to 150 years in prison

NEW YORK — Bernard Madoff has been sentenced to 150 years in prison for his multibillion-dollar fraud scheme.

U.S. District Judge Denny Chin handed down the sentenced in New York on Monday.

The 71-year-old former Nasdaq chairman was arrested late last year after confessing to his sons that his secretive investment advisory business was a “big lie.”

He pleaded guilty to securities fraud and other charges in March and has been jailed since.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

NEW YORK (AP) — Bernard Madoff has apologized to his family and to the victims of his multibillion-dollar fraud scheme.

The 71-year-old financier said Monday at his sentencing that he “will live with this pain, this torment, for the rest of my life.”

Madoff says that he dug himself “deeper into a hole” as the scheme progressed.

Attorney Ira Sorkin says the 150 years in prison recommended by prosecutors or the 50 years recommended by the federal probation department are excessive.

Victims who lost millions of dollars earlier urged a stiff sentence for the former Nasdaq stock market chairman.

Madoff has pleaded guilty to securities fraud and other charges in March and has been jailed ever since.

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