his fruit cup for a pack a smokes, because it looks like Mr. Madoff is headed to the big house. We talked about Madoff quite a bit when the news broke. I would say that the majority of Trader's Blog visitors screamed that Madoff should be locked up, but that the investors he worked with should have never expected such outlandish returns.
CNN just broke this story...
Madoff sentenced to 150 years - Federal judge gives maximum sentence to Ponzi mastermind following his apology and victims' request for life sentence.
NEW YORK (CNNMoney.com) -- A federal judge sentenced Bernard Madoff, the convicted mastermind of the largest and most sweeping Ponzi scheme ever, to the maximum sentence of 150 years in federal court Monday.
Judge Denny Chin of U.S. District Court in New York announced the sentence just moments after Madoff apologized to his victims.
"I live in a tormented state for all the pain and suffering I created," Madoff said. "I left a legacy of shame. It is something I will live with for the rest of my life."
Turning to face some of his victims, he addressed them directly: "Saying I'm sorry is not enough. I turn to face you. I know it will not help. I'm sorry."
Madoff said he was not asking for forgiveness and not offering any excuses for his behavior.
"How can you excuse betraying thousands of investors?" he asked. "How can you excuse deceiving hundreds of employees? How can you excuse lying to and deceiving your wife who still stands by you?"
Victims urged a judge to hand down the maximum life sentence against Bernard Madoff, the mastermind of the largest and most sweeping Ponzi scheme ever.
"We implore you to give the maximum sentence at a maximum prison for this deplorable low life," said one of the victims in court before Madoff spoke. "This is a violent crime without a tangible weapon."
Many of Madoff's investors were wiped out financially by the scam and sent letters to Judge Chin requesting he spend the rest of his life behind bars. Nine of the letter-writers were expected to speak in court on Monday.
Speaking on behalf of his wife and looking at Madoff, the victim said, "I have a marriage made in heaven. You have [a] marriage made in hell, and that's where you'll return. May God spare you no mercy."
The 150-year sentence is the maximum that federal prosecutors in New York requested, based on the number of Madoff's victims, the amount of money he stole and the extent of the damage he caused.
To read the full story visit: http://money.cnn.com/2009/06/29/news/economy/madoff_prison_sentence/