Free: As Victims Cheer, Madoff Sentenced to 150 Years

Victims OF Bernard L. Madoff erupted in cheers this morning as Judge Denny Chin ordered a 150-year prison sentence for the figure at the center of the gigantic Ponzi scheme.

"Symbolism is important," Judge Chin said as he hammered Mr. Madoff with the maximum possible term.

"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil. This is not a bloodless financial crime that occurred only on paper, but one that took a staggering human toll."

Read a minute-by-minute account of the events earlier today at Manhattan's Federal courthouse.

The sentence was ordered after the judge heard from nine heartbroken victims of a fraud that has cleared more than $13 billion to date and one that Mr. Madoff reportedly admitted to his sons was in excess of $50 billion.

"He truly has earned the reputation as being the most despicable person living in America today," said Burt Ross, who lost $5 million through the fraud.

Sheryl Weinstein said she met Mr. Madoff 21 years ago when she was the chief financial officer of Haddasah and now she and her husband have lost everything.

"Underneath the façade, he is truly a beast," Ms. Weinstein said. "He has fed upon us to satisfy his own needs."

Once the victims had spoken and defense attorney Ira L. Sorkin had made arguments the judge would later dismiss one by one, Mr. Madoff, rose, cleared his throat and took a sip of water and said, "I cannot offer an excuse for my behavior. How can you excuse betraying thousands of investors who entrusted you with their life savings."

He spoke of betraying his 200 employees, his brother and two sons, and to Ruth Madoff, "the wife who stood by you for 50 years and still stand by you." And he said, "I live in a tormented state now knowing all the suffering or pain I created."

Yet Mr. Madoff could not quite bring himself to squarely confront his crime, even as he made a point of saying, "I apologize to my victims. I turn and face you. I am sorry. I know that doesn't help."

He referred to how much it hurt to damage an "industry I worked to improve," and how he dug a hole and kept digging because "I could not accept that for once in my life I had failed."

He talked about his "terrible mistake," how his "error is much more serious," and how it was "an error in judgment," and how he first started "this problem," before referring to "this crime."