Madoff sentenced to 150 yrs imprisonment

Madoff,71,stood passively with his hands clasped at his waist,showing no reaction when he heard the sentence that will send him to prison for the rest of his life.

The former nonexecutive chairman of the Nasdaq stock market has been jailed in a Manhattan cell since he pleaded guilty to 11 charges including securities fraud,money laundering and perjury in March.

“Here the message must be sent that Mr. Madoff’s crimes were extraordinarily evil,” U.S. District Judge Denny Chin said in rejecting defense pleas for a lenient,12-year sentence. “The breach of trust was massive.

“I simply do not get the sense that Mr. Madoff has done all that he could or told all that he knows.”

The gray-haired money manager was dressed in his signature dark gray suit,white shirt and tie instead of a prison jumpsuit.

The disgraced financier sat passively throughout the hour-and-a-half hearing as his victims called him a “beast,” an “animal” and a “lowlife.”

He apologized to them,at one point turning toward the 250 people in the courtroom.

“I will live with this pain,with this torment,for the rest of my life,” he calmly said. “I live in a tormented state knowing the pain and suffering I have created.”

Madoff,who has been accused of bilking investors worldwide out of as much as $65 billion,said,”In my business,when you make a trading error,you’re expected to make a trading error,it’s accepted. My error was much more serious. I made an error of judgment.”