The scandalous ill-reputed financier Bernard Madoff entered a New York courtroom and was sentenced to 150 years in prison for the Ponzi scheme.

U.S. District Judge Denny Chin said the federal probation department recommends that Bernard Madoff get 50 years in prison for a multibillion-dollar fraud scheme.

Madoff's lawyer has asked a judge to give his 71-year-old client 12 years behind bars. Prosecutors planned to seek a 150-year prison term, reports the Associated Press.

The former Nasdaq chairman was arrested late last year after confessing to his sons that his secretive investment advisory business was a "big lie."

He pleaded guilty to securities fraud and other charges in March and has been jailed ever since.

Madoff's lawyer asked a judge to give his 71-year-old client 12 years behind bars, however, prosecutors were seeking a 150-year prison term before Monday's court date.

The former Nasdaq chairman was arrested late last year after confessing to his sons that his secretive investment advisory business was a "big lie."

He pleaded guilty to securities fraud and other charges in March and has been jailed ever since.

Nine victims are scheduled to speak at the hearing.