Convicted Ponzi schemer Bernard Madoff today was sentenced to spend 150 years in federal prison.
"Objectively speaking, the fraud here was staggering," U.S. District Judge Dennis Chin said during the hearing in New York City. "It spanned more than 20 years."
150 years was the maximum sentence allowed by law. Probation officials had recommended a 50-year sentence, and Madoff's attorney had asked for a 12-year sentence.
Madoff, who pleaded guilty in March to the multi-billion-dollar scheme, apologized for his actions.
"I am responsible for a great deal of suffering and pain. I understand that," he said.
Chin said he had received no letters on behalf of Madoff requesting leniency.
A court-appointed trustee for Madoff's firm estimated there are about 1,341 account holders with losses of about $13.2 billion.
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