Madoff's lawyers had asked for a much more lenient sentence for their client, asking the court to hand down a 12 year sentence for his actions. After reviewing letters from many of Madoff's victims, and hearing from others in court, Judge Denny Chin decided that Madoff did indeed deserve the 150 year sentence that was the maximum allowable by law.

Chin stated that Madoff's Ponzi scheme was "extraordinary evil" and this was "not a bloodless crime." He also went on to say that Madoff had not been forthcoming in helping authorities locate what is left from the funds that he swindled from his investors.

People inside the court today have reported that Madoff made a 6 minute speech prior to his sentencing, during which he addressed his victims by stating that "I cannot offer you an excuse for my behavior. I know this will not help. I'm sorry."

He is probably right. I highly doubt any of his victims were interested in hearing any apologizes from the man that ruined so many lives. So far $13 billion in losses have been identified, but that figure could still grow.

Last week, a judge hit Madoff and his wife with a $171 billion forfeiture ruling, but did allow his wife, Ruth Madoff to keep $2.5 million for herself. While this definitely infuriated the victims, it was far shy of the $80 million that she had claimed was hers.

So while today's decision does bring some comfort to the victims the long running Ponzi scheme, it still does little to replace the money lost to Madoff. Investors that gave their money directly to Madoff will each receive $500,000 in SIPC insurance funds, but for investors that invested indirectly with Madoff through feeder funds will have to continue to wait for any sort of reimbursement.

The sentence was handed down around noon, and applause broke out outside the court room as angry investors finally had something to celebrate.

What are your thoughts on this judgment? Was it fair to sentence Madoff to a life sentence for his actions, or should the court have been more lenient due to his age? I personally feel that in this case, the sentence definitely fits the crime. Let us hear what you think about today's decision.