Bernard Madoff was sentenced to 150 years in federal prison for masterminding the largest Ponzi scheme in history, a penalty six times longer than those meted out to the chief executives of WorldCom Inc. and Enron Corp.

Madoff appeared today before U.S. District Judge Denny Chin in New York for the first time since his March 12 guilty plea in an epic swindle that may have reached $65 billion in both real and phantom investments.

“I don’t ask for any forgiveness,” said Madoff, 71, wearing a single-breasted charcoal gray suit and navy blue tie as he stood before the judge. The money manager said he deceived his brothers, his two sons and his wife, none of whom was in the courtroom. The audience burst into applause as Chin imposed the maximum sentence. Madoff was then led off by U.S. marshals.

The judge cited Madoff’s failure to identify accomplices, which has made it harder for prosecutors to build cases against others. The receiver of his firm, Bernard L. Madoff Investment Securities LLC, has also said Madoff hasn’t substantially helped his problem, complicating efforts to locate assets.

Madoff pleaded guilty to securities fraud, mail fraud, wire fraud, investment adviser fraud, three counts of money laundering, false statements, perjury, false filings with the U.S. Securities and Exchange Commission and theft from an employee benefit plan.

Source/Full Story: Bloomberg.com

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