Judge Throws the Book at Monster Madoff
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Convicted scam-artist Bernard Madoff will learn later this morning if he will spend the rest of his life behind bars after stealing billions of dollars from thousands of investors in the largest ponzi scheme ever committed.
Prosecutors have asked for the statutory maximum of 150 years, or a sentence that will guarantee the 71-year-old Madoff will spend the rest of his life in prison. Madoff's lawyer asked for a 12-year sentence, one year short of his potential life expectancy of 13 years, citing his cooperation with regulators.
In March, Madoff pleaded guilty to 11 criminal charges.
On Friday, Madoff agreed to a forfeiture order of more than $170 billion and Madoff's wife, Ruth, also agreed to give up $80 million worth of assets, keeping $2.5 million to live off of.
10 victims of the Madoff ponzi scam will be given the opportunity to speak at the sentencing and Madoff himself will speak to ask the court for leniency.
UPDATE: Victims of Madoff have now testified. Click here to see some stunning comments from the victims.
Here are some comments from the judge after Madoff spoke.
The judge has now given his sentence, imposing the full amount of 150 years.
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