A judge yesterday sentenced Bernard Madoff to the maximum term of 150 years in prison for the biggest swindle in the history of Wall Street.

Victims in the courtroom in Lower Manhattan broke into applause when they learnt that the former Nasdaq chairman, whose firm once accounted for 10 per cent of the trades on the New York Stock Exchange, would die behind bars.

“The message must be sent that Mr Madoff’s crimes were extraordinarily evil,” Judge Denny Chin said, rejecting appeals for leniency.

Madoff, 71, standing with his hands clasped at his waist, betrayed no obvious reaction as the verdict was read.

Judge Chin said that Madoff’s $65 billion pyramid scheme exceeded all sentencing guidelines, which stop at frauds of $400 million.

“Objectively speaking, the fraud here is staggering. It spanned more than 20 years. The fraud reached thousands of victims,” the judge said. “It’s off the chart by manifold.”

Madoff, who received permission to trade his prison uniform for a charcoal suit and tie, was forced to listen to nine irate investors berate him.

Michael Schwartz, 33, told the court that Madoff had stolen money invested by his family trust for the care of his disabled twin brother.

“In addition to stealing from retirees, veterans and widows, Bernard Madoff stole from disabled,” he said. “Every time he cashed a cheque to spend for his family’s lavish lifestyle, he killed dreams. My family had a dream for my brother to someday live in a good group home.”

Carla Hirschhorn said: “Life has been a living hell. It feels like a nightmare that you can’t wake from.” Throughout the statements from the victims, Madoff kept his head bowed and his eyes focused on the desk in front of him.

When they were finished, he rose to speak — and, after a cough and a sip of water, he apologised. Seeking to explain his behaviour, he called it a “problem”, “an error of judgment” and a “tragic mistake”.

He said that he had originally thought he would be able to pay back investors, but the pyramid scheme got too big.

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