Fraudster Bernard Madoff 'to serve 150 years'

Sentence: Bernard Madoff is awaiting his judgment for massive fraud



Prosecutors have demanded fraudster Bernard Madoff should receive a 150-year jail sentence.

The crooked financier is due to be sentenced tomorrow for swindling investors out of billions of dollars.

A statement issued by the US Attorney’s office said the 150-year sentence was ‘reasonable’.

But Mr Madoff’s defence lawyer wants him to serve just 12 years.

The 71-year-old American admitted masterminding a massive ‘Ponzi’ pyramid scheme that duped thousands of investors.

Madoff, who previously enjoyed a respected, high-profile Wall Street career, pleaded guilty in a New York court in March to 11 charges of fraud, perjury and false reporting.

Most of the missing money has not been located although prosecutors have set about seizing assets such as property and boats. On Friday night a judge ordered that Madoff must forfeit £102billion.