Bernard Madoff was sentenced to 150 years in prison for swindling investors in a $65 billion (£40 billion) Ponzi style scheme, according to reports.
The former hedge fund manager, aged 71, is likely to spend the rest of his life in prison after Denny Chin, the American district judge, awarded the maximum sentence for 11 charges relating to securities fraud and money laundering.
Madoff had sought a sentence of just 12 years. He has 10 days to appeal.
The holes in Madoff’s strategy came to light at the end of last year when it emerged investors were paid out with new inflows rather than profits from returns.
A number of high-profile names have since admitted to losing money by investing with Madoff including Man Group and HSBC.
Meanwhile Bramdean Alternatives, a listed vehicle run by Nicola Horlick, saw a plummet in share price of 36% over 24 hours when the news broke in December after having just under 10% exposed to the scheme.
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