Bernard Madoff was handed 150 years in prison for his $65bn (£39.5bn) fraud.

The hearing in New York started at 10am local time (3pm BST) and up to 11 victims told the court how they have been hurt by the sudden, unexpected loss of their savings.

Many of these victims have already demanded that Madoff should never be released. Assistant US attorney, Marc Litt, has backed that view, arguing that the "scope, duration and nature" of Madoff's activities mean the disgraced 71-year-old should receive the maximum sentence of 150 years.

Ruth Madoff, wife of the jailed Wall Street swindler.

Court documents released on Friday revealed that she gave up her potential claim to more than $80 million worth of assets though she has held onto $2.5 million that prosecutors could not directly link to the fraud.

She consented to the sale of a $7.5 million property in Palm Beach, a $7 million beachfront property in Montauk, her deluxe apartment on the Upper East Side and a 55-foot yacht to help cover the funds looted by her husband.

— A villa in Cap d'Antibes worth $1.3 million.

— A 40-foot Shelter Island Runabout sport fishing boat, known as “Sitting Bull,” which was bought in the name of Ruth Madoff for approximately $430,812

— A Rybovich 56-foot sport fishing boat seized by US authorities at the end of March. This boat was also owned in the name of Ruth Madoff.

— The nautically-minded Mrs Madoff also owned another vessel, this one, a 25-foot Pathfinder boat, is known as “Little Bull”.

— One Steinway piano owned in the name of Ruth Madoff, which is valued at approximately $39,000.

— Silverware set owned in the name of Ruth Madoff, worth approximately $65,000.

— All funds of approximately $17 million on deposit in any and all accounts at Wachovia Bank in the name of Ruth Madoff, and any accounts to which said funds have been transferred, and all traceable funds.

— Any and all securities, funds and other property in the name of Ruth Madoff at COHMAD Securities Corp including but not limited to, municipal bonds valued at approximately $45 million.

Ah, the good old USA, the place where it doesn't seem ridiculous to send a pensioner to prison for 150 years. Why they persist in giving sentences for longer than anyone in living memory has managed to reach, I have no idea.

Makes sure they don't get out, I don't understand why it doesn't seem ridiculous in britian to put someone away for life, with life being 20 years...

Ah, the good old USA, the place where it doesn't seem ridiculous to send a pensioner to prison for 150 years. Why they persist in giving sentences for longer than anyone in living memory has managed to reach, I have no idea.