Madoff sentenced to term of 150 years

NEW YORK | With Bernard Madoff under sentence to spend what likely will be the rest of his life in prison for perpetrating the largest Wall Street Ponzi scheme in history, the focus shifts to his victims’ efforts to salvage whatever they can from the wreckage of the criminal enterprise.

Madoff, the 71-year-old former Nasdaq chairman, was sentenced Monday to 150 years in federal prison.

Of the many victims who flocked to the courthouse one, Judith Willing, dressed for her day in court in a gauzy white blouse and matching straw hat, told reporters that she and her husband had lost $2.5 million, “a huge amount to us.”

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She said they had used the money for charity, helping grandchildren through school and “the usual things.”

After U.S. District Judge Denny Chin imposed the sentence, the courtroom erupted in applause.

Madoff’s $65 billion fraudulent scheme wiped out the assets of thousands of investors around the world.

Madoff sat quietly in the ornate federal courtroom, and he barely reacted to his punishment.

He also sat impassively as nine court-selected victims read out bitter statements about their evaporated retirement accounts and slashed philanthropy budgets.

“Life has been a living hell,” said Carla Hirshhorn. “It feels like the nightmare we can’t wake from.”

Madoff “discarded me like roadkill,” Miriam Siegman told the court, adding that she is digging through trash bins and using food stamps.

His victims included movie mogul Steven Spielberg, many Palm Beach, Fla., millionaires and countless numbers of small investors whose lifetime retirement savings were funneled into his operations through so-called “feeder funds.”

Irving Picard, the court-appointed lawyer who is untangling Madoff’s businesses, told the court Monday that Madoff hasn’t provided “any meaningful cooperation” since he was arrested.

“I don’t ask for any forgiveness,” Madoff told Judge Chin before sentencing.

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