Wall Street fraudster and master planner Bernard Madoff was sentenced to a 150 year jail term by a US court judge who said that the sentence was justified as an individual has to serve a minimum of about 80% of his sentence before he is eligible for parole. For the 71 year old Madoff it means that he needs to live till the age of 191 before he is eligible for parole.

The Wall Street stockbroker was formerly a plumber before he started out as a successful businessman. His wife and he had amassed wealth amounting to about $126 million and another $700 million of his business assets. All the amassed wealth was a result of a cleverly designed ponzi scheme designed by him that paid back the investors with their own money without the margin of profit.

According to reports Madoff has been directed by the court to relinquish about $170 billion of his assets while his wife will relinquish all but $2.5 million of her assets.