Former money manager, Bernard Madoff

Former money manager, Bernard Madoff (AP)

The mastermind behind the largest ponzi scheme in history is scheduled to appear in court on Monday.

Bernard Madoff, will be sentenced at U.S. District Court in Manhattan where he faces the possibility of spending the rest of his life in prison.

Prosecutors with the U.S. Attorney's office in New York have requested that Madoff be sentenced to as many as 150 years in federal prison. However, last week the former money manager's lawyer, pleaded for Madoff to serve a total of 12 years behind bars.

Back in March, the 71-year-old admitted to running the ponzi scheme that stole billions of dollar from thousands of people over the span of three decades. Madoff had sent statements to his victims claiming that their investments had grown, when in actuality he kept the money and never invested any of it.

Last Friday, the government seized all of Madoff's property in a $170 billion legal judgement. As part of the judgement Madoff and his wife will give up claims on almost $80 million worth of property, which includes $60 million and three homes--located in New York.

Hundreds of people are expected to show up to Monday's hearing, where Madoff and his victims will be allowed their say.

The length of Madoff's sentence could also determine whether he goes to a maximum security jail where he would serve time alongside murderers, rapists and career criminals.