New York, New York- Bernard Madoff, founder of the “Ponzi Scheme” was sentenced up to 150 years in prison for his multibillion dollar fraud.

The verdict was released on Monday, by U.S. District Judge Denny Chin.

Madoff’s legal counsel sought 12 years, while case prosecutors wanted the maximum. The federal probation department meanwhile suggested 50 years of imprisonment.

Chin referred to the fraud as “staggering” and reiterated that the theft and deceit has spanned for more than two decades, and “the breach of trust was massive.”

Madoff, who once chaired Nasdaq, pleaded guilty to the charges of securities fraud back in March and has been in jail since. Among his famous victims were celebrity couple Kevin Bacon and Kyra Sedgwick.