150 Years — Just What 'Two-Way' Poll Voters Favored — For Madoff

At 11:35 a.m. ET we got the word — a sentence of 150 years in prison for bogus financier Bernard Madoff.

Here's how this post developed:

By Mark Memmott

As we wait for the sentencing, a question for the group:

How long should 71-year-old Bernard Madoff, who took billions of dollars from investors and kept much of the money for himself in the biggest Ponzi scheme in history, spend behind bars?

Prosecutors say he should get the maximum sentence: 150 years.

Madoff and his lawyer are hoping for 12 years.

Michael Shapiro, a lawyer at the law firm Carter Ledyard and Milburn LLP, tells Reuters he expects a 30-year sentence for Madoff — which would likely be "life" because of the convicted swindler's age.

Your vote?

We'll report back when his sentence is handed down. Be sure to click your "refresh" button.

Update at 11:35 a.m. ET: The verdict is in — 150 years.

Update at 11:31 a.m. ET: Now that the victims and Madoff have had their chances to speak, the sentence should be handed down soon, CNN reports from the scene.

Update at 11:28 a.m. ET: "I have no excuse," Madoff has told the court and his victims according to CNN. "Saying sorry is not enough."

Update at 11:19 a.m. ET. More from Madoff: He says he "will live with this pain, this torment, for the rest of my life."

Update at 11:14 a.m. ET. Madoff is now speaking, the AP says:

"I dug myself deeper into a hole" as his scheme continued, he just said.

Update at 11:11 a.m. ET. More scorn from Madoff's victims, courtesy of the AP:

"May your jail cell be your coffin," said Michael Schwartz.

"You have left your children with a legacy of shame," said Tom FitzMaurice, who also called Madoff "an evil low-life."

Update at 10:43 a.m. ET. From the courtroom, the Associated Press writes about the statements being made by some of Madoff's victims. It adds that "Madoff, wearing a dark suit, white shirt and a tie, sat and":

"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.

"He stole from the rich. He stole from the poor. He stole from the in between. He had no values," said Tom Fitzmaurice. "He cheated his victims out of their money so he and his wife Ruth could live a life of luxury beyond belief."

Dominic Ambrosino called it an "indescribably heinous crime" and urged a long prison sentence so "will know he is imprisoned in much the same way he imprisoned us and others."

Update at 10:15 a.m. ET: The wire services report that the judge has said at the start of his remarks that federal probation officials recommend a 50-year sentence. No word yet on whether the judge is taking that advice.