Bernard Madoff was able to successfully swindle investors out of $50 billion over the course of several decades in an epic Ponzi scheme, before he was arrested late last year after admitting to his sons that his secret investment advisory business was a "big lie". On Monday, US District Judge Denny Chin in New York handed down a 150 year prison sentence for his multi-billion fraud scheme.

Madoff, 71, was arrested in 2008 and in March 2009 pleaded guilty to securities fraud and other charges. The former Nasdaq chairman has been jailed ever since.