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| Fraudster Madoff gets 150 years | Fraudster Madoff gets 150 years |
| (30 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). |
| The sentence, which means Madoff will spend the rest of his life in jail, was greeted with cheers and applause in the packed courtroom. | The sentence, which means Madoff will spend the rest of his life in jail, was greeted with cheers and applause in the packed courtroom. |
| US District Judge Denny Chin said he wanted to send a message that Madoff's crimes were "extraordinarily evil". | US District Judge Denny Chin said he wanted to send a message that Madoff's crimes were "extraordinarily evil". |
| Madoff's lawyer had sought a more lenient sentence of 12 years. | Madoff's lawyer had sought a more lenient sentence of 12 years. |
| Judge Chin gave Madoff the maximum sentence on all 11 charges, which included securities fraud and money laundering. | Judge Chin gave Madoff the maximum sentence on all 11 charges, which included securities fraud and money laundering. |
| "Here the message must be sent that Mr Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Judge Chin said. | "Here the message must be sent that Mr Madoff's crimes were extraordinarily evil and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll," Judge Chin said. |
| His was a violent crime without the use of a tangible weapon Tom Fitzmaurice, Madoff victim In quotes: Madoff sentenced Suicide prompted by Madoff scandal Madoff victims lose life savings | His was a violent crime without the use of a tangible weapon Tom Fitzmaurice, Madoff victim In quotes: Madoff sentenced Suicide prompted by Madoff scandal Madoff victims lose life savings |
| He said "the breach of trust was massive" and pointed out that no friends, family or other supporters had submitted any letters on Mr Madoff's behalf. | He said "the breach of trust was massive" and pointed out that no friends, family or other supporters had submitted any letters on Mr Madoff's behalf. |
| Madoff has 10 days to decide whether to appeal. | |
| His wife Ruth said in a statement released after the hearing that she felt "betrayed and confused". | |
| "The man who committed this horrible fraud is not the man whom I have known for all these years," she said. | "The man who committed this horrible fraud is not the man whom I have known for all these years," she said. |
| '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. |
| OUTSIDE THE COURT Michelle Fleury, BBC North America business correspondent There were crowds of cameras and journalists waiting outside the courtroom door hoping to catch a glimpse of Bernie Madoff as he entered the courtroom. But we were all disappointed as he entered through a secret passageway and no cameras were allowed inside the courtroom. When the news of the sentence broke there was a wave of excitement. The sentence was much longer than expected. Traffic ground to a halt as journalists rushed to interview the victims as they began to emerge from the courtroom. | OUTSIDE THE COURT Michelle Fleury, BBC North America business correspondent There were crowds of cameras and journalists waiting outside the courtroom door hoping to catch a glimpse of Bernie Madoff as he entered the courtroom. But we were all disappointed as he entered through a secret passageway and no cameras were allowed inside the courtroom. When the news of the sentence broke there was a wave of excitement. The sentence was much longer than expected. Traffic ground to a halt as journalists rushed to interview the victims as they began to emerge from the courtroom. |
| "I'm responsible for a great deal of suffering and pain, I understand that," said Madoff, who will spend the rest of his life in prison. | "I'm responsible for a great deal of suffering and pain, I understand that," said Madoff, who will spend the rest of his life in prison. |
| He turned directly to those in court who had been affected and said he was sorry. | He turned directly to those in court who had been affected and said he was sorry. |
| A number of them had earlier given emotional statements. One had broken down in tears during their testimony. | A number of them had earlier given emotional statements. One had broken down in tears during their testimony. |
| "Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn. | "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. |
| The BBC's North America Business Correspondent Michelle Fleury said the length of the sentence was unexpected. | The BBC's North America Business Correspondent Michelle Fleury said the length of the sentence was unexpected. |
| Victims would be pleased, she said, but this wasn't the end for them as they are still trying to recover some of their money. | Victims would be pleased, she said, but this wasn't the end for them as they are still trying to recover some of their money. |
| "I think it was certainly a justified sentence," said Judith Welling, who lost $2.5m along with her husband. | "I think it was certainly a justified sentence," said Judith Welling, who lost $2.5m along with her husband. |
| "He's trying to send a message to the world that this sort of behaviour will not be tolerated," she added. | "He's trying to send a message to the world that this sort of behaviour will not be tolerated," she added. |
| Thousands defrauded | Thousands defrauded |
| Bernard Madoff admitted defrauding thousands of investors in a Ponzi scheme which he said had been running since the early 1990s. | Bernard Madoff admitted defrauding thousands of investors in a Ponzi scheme which he said had been running since the early 1990s. |
| Victims suffer financial hardship | Victims suffer financial hardship |
| Madoff started his financial career aged 22 with $5,000 from money made from summer holiday jobs such as working as a garden sprinkler installer in New York. | Madoff started his financial career aged 22 with $5,000 from money made from summer holiday jobs such as working as a garden sprinkler installer in New York. |
| He then set up Bernard L Madoff Investment Securities in 1960. | He then set up Bernard L Madoff Investment Securities in 1960. |
| His firm became one of the largest market-makers - matching buyers and sellers of stocks - and Madoff served as chairman of the Nasdaq stock exchange. | His firm became one of the largest market-makers - matching buyers and sellers of stocks - and Madoff served as chairman of the Nasdaq stock exchange. |
| Madoff's firm was investigated eight times by the US Securities and Exchange Commission over the past 16 years, because it made exceptional returns. | Madoff's firm was investigated eight times by the US Securities and Exchange Commission over the past 16 years, because it made exceptional returns. |
| WHAT IS A PONZI SCHEME? A fraudulent investment scheme paying investors from money paid in by other investors rather than real profitsNamed after Charles Ponzi who notoriously used the technique in the United States in the 1920s Differs from pyramid selling in that individuals all tend to invest with the same person | WHAT IS A PONZI SCHEME? A fraudulent investment scheme paying investors from money paid in by other investors rather than real profitsNamed after Charles Ponzi who notoriously used the technique in the United States in the 1920s Differs from pyramid selling in that individuals all tend to invest with the same person |
| But it was the global recession which effectively prompted Madoff's demise as investors, hit by the downturn, tried to withdraw about $7bn from his funds and he could not find the money to cover it. | But it was the global recession which effectively prompted Madoff's demise as investors, hit by the downturn, tried to withdraw about $7bn from his funds and he could not find the money to cover it. |
| The list of Madoff's victims includes film director Steven Spielberg's charitable foundation, Wunderkinder. | The list of Madoff's victims includes film director Steven Spielberg's charitable foundation, Wunderkinder. |
| UK banks were also among the victims with HSBC Holdings saying it had exposure of around $1bn. Other corporate victims were Royal Bank of Scotland and Man Group and Japan's Nomura Holdings. | UK banks were also among the victims with HSBC Holdings saying it had exposure of around $1bn. Other corporate victims were Royal Bank of Scotland and Man Group and Japan's Nomura Holdings. |
| But it is not just the elite and large firms who were victims of the fraud. | But it is not just the elite and large firms who were victims of the fraud. |
| School teachers, farmers, mechanics and many others have also lost money. | School teachers, farmers, mechanics and many others have also lost money. |
| Are you one of Madoff's victims? What is your reaction to his sentence? Send us your comments using the form below: | Are you one of Madoff's victims? What is your reaction to his sentence? Send us your comments using the form below: |
| A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below. | A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |