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Fraudster Madoff gets 150 years Fraudster Madoff gets 150 years
(10 minutes later)
Bernard Madoff has been given the maximum prison sentence of 150 years for masterminding a massive fraud that robbed investors of $65bn (£40bn).Bernard Madoff has been given the maximum prison sentence of 150 years for masterminding a massive fraud that robbed investors of $65bn (£40bn).
US District Judge Denny Chin sentenced Madoff on 11 charges, including securities fraud and money laundering. The sentencing was greeted with cheers and applause from the courtroom, while US District Judge Denny Chin described the crime as "staggering".
Madoff's lawyer had sought a more lenient sentence of 12 years.Madoff's lawyer had sought a more lenient sentence of 12 years.
The sentence came after the court heard emotional statements from a number of his victims about the fraud's impact on their lives. The sentence came after the court had heard emotional statements from a number of Madoff's victims.
Judge Chin called the fraud "staggering" and said "the breach of trust was massive". Judge Chin sentenced Madoff on 11 charges, including securities fraud and money laundering.
Madoff stood with his hands in front of him while being sentenced and the jail term was met with cheers and applause from the courtroom. He said "the breach of trust was massive".
Madoff stood with his hands in front of him while being sentenced.
'Legacy of shame''Legacy of shame'
Before the sentencing, Madoff apologised for the "legacy of shame" he had brought on his family and the industry.Before the sentencing, Madoff apologised for the "legacy of shame" he had brought on his family and the industry.
He turned directly to those in court who had been affected and said he was sorry. One person who lost money broke down in tears in court while giving evidence.He turned directly to those in court who had been affected and said he was sorry. One person who lost money broke down in tears in court while giving evidence.
"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.l "Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.
"May your jail cell be your coffin," Michael Schwartz told Madoff."May your jail cell be your coffin," Michael Schwartz told Madoff.