Madoff Pays

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The media gathered today outside of a courthouse in Manhattan to await Madoff's sentencing. Photo by Timothy A. Clary/Newscom

Disgraced financier Bernie Madoff will be spending the remainder of his life behind bars for operating one of the largest financial scams in Wall Street history. In handing down the 150-year sentence, Judge Denny Chin of the U.S. District Court in New York called the 71-year-old's crimes, which bilked thousands of investors out of an estimated $65 billion, “extraordinarily evil.”

A host of victims, many of whom lost their homes, pensions and life’s savings in the scam, struggled to maintain their composure as they testified to the devastating effects of Madoff’s actions.

It will be months before any determination is made about repaying victims, as prosecutors requested additional time to comb through Madoff’s records, some of which date back more than 20 years. CNN Money is reporting that the 1,341 victims identified by federal investigators will have until July 2 to file a claim.

For complete coverage, visit CNN Money, and be sure to read the FLYP/Fortune feature, “The (Im)Perfect Crime.”