The mastermind behind one of the biggest and the most elaborate financial scams of this century. Bernard Madoff has been sentenced to 150 years in jail. Madoff had been indicted with multiple counts on fraud and has been in police custody, before the verdict was delivered by Judge Denny Chin of U.S. District Court in New York.

In his closing statements, Judge Chin described Madoff’s crimes as “extraordinarily evil” and issued the verdict stating that it should serve as a warning to all those who intend to do such grievous harm to innocent people. Bernard Madoff’s Ponzi scheme has left millions bankrupt,  homeless and neck deep in loans.

According to acting U.S Attorney Lev Dassin,

“The sentence imposed today recognizes the significance of Bernard Madoff’s crimes.”

Before receiving his sentence verdict, Bernard Madoff apologized to the victims of his fraudulent activities stating,

“I live in a tormented state for all the pain and suffering I created. I left a legacy of shame. It is something I will live with for the rest of my life.”

Since the beginning of this trial, the victims had urged the judge to give the strictest and the harshest punishment possible for a crime of this magnitude. In an appeal to the court, the victims said,

“We implore you to give the maximum sentence at a maximum prison for this deplorable low life. This is a violent crime without a tangible weapon.”

Bernard Madoff’s assets were confiscated by the authorities and on March 12th 2009, Madoff confessed to be the mastermind of this elaborate Ponzi scheme. At the final trial, Bernard Madoff was charged with 11 criminal counts, including fraud, money laundering, perjury, false filing with the Securities and Exchange Commission among other felonies.

The U.S Government in a statement has stated that the confiscated assets and bank accounts of Bernard Madoff would be used to compensate or partially-compensate his victims, many of whom are believed to be tangled in Madoff’s web of lies since the 1980s.

On the basis of the investors’ investments in Madoff’s firm, the victims are expected to be compensated according. In a statement released by The Securities Investor Protection Corporation, it has said that it will give out $500,000 for any and all eligible victims who has invested in Bernard’s Madoff’s grand scheme.

Via CNN Money