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.

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