Bernard Madoff, the man behind the notorious ‘Ponzi’ scheme was sentenced to 150 years of imprisonment by the US District Court on Monday.

Denny Chin, the US District Judge said that he hoped the sentence would serve as deterrence, retribution and symbolism for the victims of Madoff’s nefarious fraudulent schemes. The sentence effectively means that Madoff will be spending the rest of his life behind bars. After the judge read out the sentence, cheers erupted from the court and two other rooms packed with victims, legal representatives as well media personnel.

Bernard Madoff, a former chairman of the NASDAQ stock exchange, had been charged by federal prosecutors on eleven counts of fraud, theft, money-laundering as well as perjury. Prosecutors estimate that victims lost at least $65 billion as a result of his fraudulent financial schemes while Madoff’s firms continued to collect and pay more than $171 billion over several years.

In March, Madoff had pleaded guilty to the federal charges leveled against him. Yesterday after victims recounted the financial loss inflicted upon them and their families, Madoff addressed the victims directly saying that the Ponzi scheme was a “terrible mistake”. After the sentencing, his wife Ruth Madoff said that she felt “betrayed and confused” by her husband’s actions.