(AP) - Bernard Madoff has been sentenced to 150 years in prison for his multibillion-dollar fraud scheme.

U.S. District Judge Denny Chin handed down the sentence in NewYork on Monday.

The 71-year-old 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 Marchand has been jailed since.