17.15 BST Judge Chin told the court: “I don’t get the sense that Bernard Madoff said all that he could or told all that he knows."He said there had not been a single letter from friends or family testifying to Madoff’s good deeds. “The absence of such support is telling,” he said.

“The symbolism of the sentence is important for three reasons: retribution, deterrence and it is important for the victims,” he said.

“I do not agree that the victims are succumbing to the temptation of mob vengeance."

17.05 BST During the sentence hearing Madoff spoke for six minutes and turned towards his victims. "I turn face you, I know this will not help. I'm sorry." He said it was impossible to offer any excuses for his behaviour.

“How do you excuse betraying thousands of investors who entrusted me with their life savings?" he added.

"I made an error in judgement I can't accept the fact that for once in my life I failed."

17.02 BST Under federal law Madoff must serve 80 per cent of his sentence (120 years) before he is considered for bail. This means he will live out his years in prison.

16.50 BST Outside the court Judith Welling and DeWit Baker, a couple who lost $2.5 million in the scam, said they were pleased with the judge's decision to give Madoff the maximum sentence.

16.44 BST In handing down the 150-year sentence, the judge called the fraud “staggering" and noted that it had spanned more than 20 years. He said “the breach of trust was massive.”

16.39 BST Denny Chin, the judge, said he did not believe reports that the victims were looking for "mob vengeance". He said he didn't believe Madoff's own estimate of the extent of his crime. He wanted to hand down the maximum sentence, he said, in order to make an example of the case. The judge said he was especially touched by one victim letter from a widow whose husband had passed away. Madoff had told her "don't worry, your money is safe with me" when she went to see him after her husband's death.

16.37 BST Madoff has been sentenced to 150 years in prison, the maximum term allowed by law. The court erupted in applause.

16.28 BST The author of one of the biggest Ponzi schemes in history said he dug himself “deeper into a hole" as the scheme progressed. “I apologise to my victims. I am sorry,” the disgraced financier said.

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