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 sentenced in New York 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 March and has been jailed since.

Madoff has also apologized to his family and to the victims of his multibillion-dollar fraud scheme.

He said at his sentencing that he "will live with this pain, this torment, for the rest of my life."

Madoff says that he dug himself "deeper into a hole" as the scheme progressed.