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Judge Denny Chin has sentenced Bernard L. Madoff to 150 years in prison. Chin gave Madoff the maximum of 20 years on several of the counts, which will be served consecutively. For a brief moment, the courtroom erupted with applause.

Disgraced financier Bernie Madoff, 71, who pleaded guilty to 11 charges in March, was sentenced to prison by District Judge Denny Chin.  Madoff  got the maximum sentence of  150 years.

Madoff’s lawyer asked for a 12-year sentence. “We seek neither mercy nor sympathy,” said Ira Sorkin, Madoff’s lawyer. He had asked Judge Chin to “set aside the emotion and hysteria attendant to this case.”

Prosecutors had recommended that the New York court show Madoff no mercy, and give him 150 years in jail, the maximum permitted for the type of crime.

According to U.S. District Judge Denny Chin, the federal probation department had recommended that Bernard Madoff get 50 years in prison for the multibillion-dollar fraud scheme.

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Bernie Madoff, Monster

On Monday eight of Madoff’s victims addressed the court to describe the devastation wrought by his fraud. Victims had already described Madoff as “a thief and a monster,” “a psychopathic lying egomaniac,” “ruthless and unscrupulous,” and a devil, in statements given to the court.

The first victim to speak was a retired corrections officer.  He said that he and his wife lost their entire life savings on December 11–the day Madoff turned himself and “everything was robbed right under our nose.” Since then, he’s had to sell his house and take a temporary job as a construction supervisor in Arizona.

The second was a 64-year old widow. The third victim ended his statement by saying the following to Madoff: “May God spare you no mercy.”

A fourth victim asked Judge Chin to “not fail us” and give Madoff the maximum sentence allowable.

The fifth victim told the court of how she lost everything to Madoff’s scheme.

The sixth victim, Burt Ross, went off on Madoff for betraying fellow Jews. He specifically mentioned a Holocaust survivor, Elie Wiesel. “As if Elie Wiesel hadn’t suffered enough”, he said.

The seventh victim, Michael Schwartz, used his trust fund to care for his disabled brother. Now it has been wiped out by Madoff’s scheme, and he has had to move back with his parents, he said.

The eighth victim says that she feels a sadness that another human being could do something like this to her.

The ninth and final victim to speak was Sheryl Weinstein

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, the former chief financial officer of Hadassah, a Jewish women’s organization dedicating to supporting Israel and promoting social welfare and education. Weinstein said that in hindsight, being introduced to Bernard Madoff was the worst thing to ever happen to her in her life.

Madoff’s attorney then addressed the court, saying that it would be absurd for the court to sentence a “deeply flawed” Madoff to 150 years.  “Vengeance is not the goal here,” Sorkin said. “The guidelines to the court to not speak of vengeance and revenge.”

Madoff later addressed the court himself, and stated he did not seek forgiveness. “How do you excuse lying and deceiving thousands of investors. How do excuse lying and deceiving over 200 employees. How do you excuse lying and deceiving a wife of 50 years, who still stands by you. There’s no excuse for that, and I don’t seek any forgiveness,” he said.

During sentencing, Judge Chin said that Madoff did not do all he could do to aid investigators to help them recover swindled money or tell all he knows.

Chin recounted one letter that strongly affected him. It told the story of a Madoff investor who had died of a heart attack. Madoff, presumably at the man’s funeral, put his arm around the the widow and said, “Your money is safe.” The widow then gave Madoff more money, all of which is gone.

On Friday, Ruth Madoff, Bernard’s wife, agreed to give up her jewelery, Manhattan flat, and other assets worth almost $80m.

The only other person who has been charged in the world’s largest Ponzi scheme is Madoff’s accountant David Friehling, 49, with aiding and abetting fraud, and four counts of filing false audit reports. He has been released on bail.

Though Mr Friehling was not charged with knowledge of the Madoff Ponzi scheme, he was charged with deceiving investors by falsely certifying that he audited the financial statements.

[UPDATE: AFTER SENTENCING, RUTH MADOFF ISSUES STATEMENT DISTANCING HERSELF FROM HER HUSBAND] The Story of Anyburg U.S.A. video

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In her first statement since Bernie Madoff’s enormous Ponzi scheme was discovered in December, Ruth Madoff distanced herself from her husband, and called herself “betrayed”.  The full text of her statement follows:

I am breaking my silence now, because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie’s crime, which is exactly the opposite of the truth.

From the moment I learned from my husband that he had committed an enormous fraud, I have had two thoughts — first, that so many people who trusted him would be ruined financially and emotionally, and second, that my life with the man I have known for over 50 years was over. Many of my husband’s investors were my close friends and family. And in the days since December, I have read, with immense pain, the wrenching stories of people whose life savings have evaporated because of his crime.

My husband was the one we (and I include myself) respected and trusted with our lives and our livelihoods, often for many, many years, and who was respected in the securities industry as well. Then there is the other man who stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves. Lives have been upended and futures have been taken away. All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to. I am embarrassed and ashamed.

Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years.

In the end, to say that I feel devastated for the many whom my husband has destroyed is truly inadequate. Nothing I can say seems sufficient regarding the daily suffering that all those innocent people are enduring because of my husband. But if it matters to them at all, please know that not a day goes by when I don’t ache over the stories that I have heard and read.

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