Bernard Madoff has been sentenced to the maximum 150 years in prison for his multibillion-dollar fraud scheme.

US District Judge Denny Chin handed down the sentence in New York today.

The $65 billion fraud impacted thousands of lives, wiping out the life savings of some and indirectly damaging the pension funds of millions.

In Bermuda, Argus Group Holdings Ltd.’s international life insurance clients were badly affected, while some of the company’s pension clients were also slightly impacted, due to indirect exposure to the fraud.

Liquidators of Madoff’s company are also pursuing $80 million, being held at the Bank of Bermuda, which they believe should be used to help repay swindled investors.

Bermuda-based fund manager Kingate Management Ltd. had some $3 billion invested with Madoff, while Tremont and Fairfield Greenwich, two US-based fund managers with operations in Bermuda, were also badly impacted.

Defence attorneys had sought 12 years, while prosecutors wanted the maximum. The federal probation department had recommended 50 years.

Judge Chin called the fraud “staggering” and noted that it spanned more than 20 years. He says “the breach of trust was massive”.

The 71-year-old former Nasdaq chairman pleaded guilty to securities fraud and other charges in March and has been jailed since.

Read more in Tuesday’s Royal Gazette.