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Breaking: Bernard Madoff Gets 150 Years

(AP Photo/Louis Lanzano)
Bernard Madoff entering federal court in March.

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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