A federal judge rejected Bernard Madoff's plea for leniency June 29, sentencing the 71-year-old swindler to spend the rest of his life in prison for an "extraordinarily evil" fraud that took a staggering toll on thousands of victims.

Bernard Madoff AP PHOTO

U.S. District Judge Denny Chin cited the unprecedented nature of the multibillion-dollar fraud as he sentenced Madoff to the maximum of 150 years in prison, a term comparable only to those given in the past to terrorists, traitors and the most violent criminals. There is no parole in federal prison so Madoff will most likely die there.

"Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead ... one that takes a staggering human toll," Chin said.

The massive pyramid scheme run by Madoff since at least the early 1990s demolished the life savings of thousands of people, wrecked charities and shook confidence in the U.S. financial system.

Only Madoff and an accountant accused of failing to make basic auditing checks have faced criminal charges. But a person familiar with the investigation said June 29 that at least 10 more people are likely to face federal charges by the time the probe is complete.

Madoff's 150-year sentence reflected a growing tendency over the last decade to give white-collar criminals lengthy prison terms. The outcome prompted scattered applause from a group of burned former clients in a packed Manhattan, New York, courtroom.