Bernie Madoff has just been sentenced to 150 years in prison for running the biggest Ponzi scheme in history. It was the maximum sentence the judge could have given him.

Before sentencing, Madoff addressed the courtroom:

"I'm responsible for a great deal of suffering and pain, I understand that," Mr. Madoff told the court. "I live in a tormented state now, knowing all of the pain and suffering that I've created. I've left a legacy of shame, as some of my victims have pointed out, to my family and my grandchildren."

Addressing his victims seated in the courtroom, he said: "I will turn and face you. I'm sorry. I know that doesn't help you."

But after hearing a succession of Madoff's victims plead for a harsh sentence, Judge Denny Chin rejected the Madoff team's pleas for leniency, including their (preposterous) suggestion of a 12-year sentence.

Bernie Madoff will now die in jail.

[NYT, WSJ. Pic: Getty]