Madoff Sentenced To 150 Years

Katie Couric: This is a CBS News Special Report. Good morning everyone. I'm Katie Couric here in New York where Bernard Madoff has just been sentenced for the biggest investment fraud in Wall Street history. A federal Judge ordered Madoff who is 71 years old to serve a maximum 150 years in prison. Now, that is what prosecutors had asked for. Meanwhile, Madoff's lawyers said 12 years was more appropriate. Before the sentencing, Madoff stood, turned to his victims and said, "I am sorry." He told the court, quote, "I cannot offer you an excuse for my behavior. How do you excuse lying to your brother, and your two sons? How do you excuse lying and deceiving a wife, who stood by you for 50 years and still does?" And he added, "I live in a tormented state knowing all the pain and suffering I have created." Madoff pleaded guilty to 11 felony counts of securities fraud and perjury and a Ponzi scheme that robbed thousands of unwitting investors of tens of billions of dollars. Many of them lost their entire life savings. Nine of the victims addressed the Judge today asking him to impose the harshest sentence possible. Late last week, the judge issued a preliminary order stripping Madoff of all of his personal property. His wife meanwhile is being allowed to keep $2.5 million. So, to repeat, Bernard Madoff has been sentenced to 150 years in prison and with no parole in the federal system. That of course, needless to say is a life sentence. There will be much more about this on your local news on the CBS Station and tonight on the CBS Evening News. Till then, I'm Katie Couric, in New York.

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