BREAKING NEWS

Madoff Sentenced to 150 Years in Prison

Jun. 29 2009, Published 3:08 p.m. ET

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On top of living a life sentence of disgrace in the eyes of the American public, Bernard Madoff- the mastermind being the largest Ponzi scheme in U.S. history- was also handed a judgment of 150 years in jail on Monday morning.

"I don't ask for any forgiveness," Madoff told U.S. District Judge Denny Chin.

Madoff's lawyers had asked for a sentence of twelve years due to the 71 year-old's thirteen year life expectancy. Madoff pleaded guilty to securities fraud, mail fraud, wire fraud, investment advisor fraud, three counts of money laundering, false statements, perjury, false filings with the SEC and theft from an employee benefit plan.

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