Madoff sentenced to 150 years in prison

NEW YORK (CNN) - Bernard Madoff, the mastermind behind the largest and most sweeping Ponzi scheme ever, was sentenced Monday to 150 years in prison, the maximum he could have received.

In announcing the sentence, U.S. District Court Judge Denny Chin noted that any sentence for the 71-year-old man would largely be symbolic. That's because, under current rules in federal court, a person must serve at least 80 percent of a sentence - 120 years - prior to being eligible for parole. That would mean Madoff would have to live until he was 191 years old before being eligible for parole.

Chin added that the sentence was important for its deterrent effect. As Chin was speaking, Madoff bowed his head and said nothing.