The disgraced financier Bernard Madoff will serve life in prison after receiving a 150-year sentence Monday for carrying out his multi-billion-dollar Ponzi scheme.

Calling Madoff's crimes "extraordinarily evil," U.S. District Judge Denny Chin said that the massive financial fraud was "not merely a bloodless crime that takes place on paper, but one that takes a staggering human toll."

Chin also said that a sentence of any more than 20 years was purely symbolic but that the symbolism was important.

The self-confessed swindler gave a statement in which he said, "I will live with this torment, this pain for the rest of my life." He then turned to face the victims of his scheme who were in the courtroom and said, "I am sorry. I know it will not help you."

Madoff's lawyer said the 71-year-old should have received a sentence of only 12 years, one year less than his approximate life expectancy.

"The judge ruled, and we have to live with his decision," said Ira Sorkin, Madoff's attorney, who would not comment on whether Madoff would appeal. He has 10 days to do so.

Nine of Madoff's victims also delivered statements in the courtroom.

Other Madoff victims who did not get one of the 300 available seats in the packed courtroom watched the sentencing on televisions in a downstairs room.

The victims who attended the sentencing held a rally in Foley Square
in Downtown Manhattan immediately afterwards, and one victim questioned the sincerity of Madoff's apology.

"He turned around and faced everyone and said he was sorry, but I don't believe him," said financial victim Maureen Ebel. "You can't commit a crime repeatedly for decades and decades and lie to so many people, and when you're caught get sorry. His apology rings very hollow and I don't believe it for a second."

"Hallelujah! I was so happy. It couldn't be better. I wish [Madoff] would live to serve it. I hate him for what he did to my life and my son's life," said victim Emma Devida.

Ruth Madoff, the former investor's wife, released a statement that read in part, "Lives have been upended and futures have been taken away. All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to. I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused."

Last week, Chin ordered Ruth Madoff to give up the $7 million Upper East Side apartment where she lives, as well as the couple's Palm Beach estate and a house in Montauk as part of a $170.8 billion forfeiture order.

She will get to keep $2.5 million.

Meanwhile, a source told the Associated Press today that Madoff may not be the only one going to prison for the Ponzi scheme.

According to the AP, 10 more people will likely be charged by the time the investigation wraps up. The source says they will face federal charges over the next few months, but did not go into detail about the charges or whether the 10 will include Madoff's relatives or former employees.