Bernard Madoff Sentenced to 150 Years in Prison

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A federal judge sentenced Bernard Madoff to 150 years in prison for his multibillion-dollar fraud scheme. 

Madoff apologized in court and told the judge he could not offer an excuse for his behavior.
    
Back in March, the 71-year-old pleaded guilty to scamming thousands of victims out of an estimated $65 billion.
    
The judge heard from some of those victims before he handed down the the maximum sentence.

"There are clear laws on the books, just for this. They came about in 1970, because of the brokerage houses of the 1960 to prevent just what's happening," said Cynthia Friedman, a Madoff victim. "They are not living up to it for us, they are not going to live up to those laws for you."

"Tens of thousands of Madoff investors have been serving life sentences since last December. They don't even have room and board they have to sell their homes their possessions. It's very sad," Madoff victim Richard Freedman said.

Madoff's wife, Ruth, released her first statement today.

She said she was "embarrassed" and "ashamed" by her husband's behavior.

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