Bernard Madoff is sentenced to 150 years for “masterminding the biggest self-confessed fraud in US history”.

US financier Bernard Madoff has been sentenced to 150 years in a US jail for masterminding a $65 billion (£38bn) fraud, which duped thousands of investors. 

Madoff’s firm – Bernard L Madoff Investment Securities – ran a ‘Ponzi’ scheme, whereby early investors were paid off with money from new clients, rather than from real profits. He said that the scheme began in the early 1990’s, though some victims say they started investing with him in the 1970’s.

The disgraced banker, once a chairman of the Nasdaq Stock Exchange, conned people across the globe as victims have been identified in the UK and US. Only as a result of the recent financial downturn did suspicions arise of Madoff’s fraud. Investors asked to withdraw $7bn of funds from the business, and it was only when they were told there wasn’t enough money to pay out that Madoff knew he had to confess, which he did so to employees in early December.

In March, 71-year-old Madoff pleaded guilty to 11 counts of fraud, theft, perjury and money laundering. His lawyer had requested a sentence of just 12 years and asked the judge to set aside the hysteria that was surrounding the case.

In sentencing Mr Madoff, District Judge Denny Chin said: “Here the message must be sent that Mr Madoff’s crimes were extraordinarily evil.

“This kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll. I simply do not get the sense that Mr Madoff has done all that he could or told all that he knows.”

Bernard Madoff commented: “I cannot offer you an excuse for my behaviour. How do you excuse betraying thousands of investors who entrusted me with their life savings?”

Some of Madoff’s victims were at court for sentencing. Investor Alexandra Penney commented: “Obviously, I’m delighted that the judge showed no mercy.”

Investor Sheryl Weinstein said: “I was introduced to Bernard Madoff 21 years ago at a business meeting. I now view that day as perhaps the unluckiest day of my life.”