June 29, 2009 11:50 AM
- Text
Breaking: Bernard Madoff Gets 150 Years
(AP Photo/Louis Lanzano)
NEW YORK (CBS)Disgraced financier Bernard Madoff was sentenced to 150 years in jail by a U.S District judge Monday.
Before the judge's sentence, Madoff read a statement to the court in which he apologized for running a Ponzi scheme for decades that bilked investors for an estimated $65 billion.
"I have left a legacy of shame to my family and grandchildren," he said. "Apologizing and saying I am sorry is not enough. Nothing I will say will correct the mistake I have done."
Then, turning to his victims, he said, "I am sorry."
U.S District Judge Denny Chin wasn't buying it. He hit Madoff with 150 years, a virtual life sentence for the 71-year-old.
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