The disgraced New York financier Bernard Lawrence “Bernie” Madoff has been sentenced to 150 years in prison by a court after pleading guilty to a massive Ponzi scheme, which severely impacted, among others, many philanthropies and individuals.
The sentence means that the 71-year-old, once a highly-respected Wall Street figure, will spend the rest of his life in jail.
He took billions of dollars from investors who trusted his reputation for providing spectacular returns and most of it has not been traced. The money was never invested but was put in banks and used to shore up the illusion that his business was trading successfully, as well as financing his luxury lifestyle.
Applause erupted in the courtroom when the sentence was announced, and despite a pubic apology by Madoff, Judge Denny Chin showed no leniency. “I don’t get a sense that Mr. Madoff has done all he could, or told all that he knows,” the judge said.