Madoff sentanced to 150 years - Update11:35AM

More details when I can get them. The news just broke. Update 11:40AM - From MarketWatch Madoff faces life in prison at sentencing NEW YORK (MarketWatch) -- Bernard Madoff on Monday will learn his fate for stealing at least $13 billion from thousands of unwitting victims, and regardless of the sentence, it's likely that the 71-year-old admitted swindler will end up in jail for the rest of his life. Madoff, who bilked clients over several decades in what's been called the biggest Ponzi scheme in history, could be sentenced to a maximum of 150 years in a Manhattan courthouse at 10 a.m. Eastern. His lawyers, however, have reportedly sought a sentence of just 12 years, arguing that Madoff is expected to live only another 13 years. In March, Madoff pleaded guilty to 11 felony charges, including securities fraud, money laundering and theft from an employee-benefit plan. His clients have reportedly lost more than $13 billion. See archived story. Madoff's scam, which he admitted to his sons last December, came undone as too many clients sought to withdraw money at the same time in the aftermath of the September 2008 financial meltdown. As the credit crisis hit hard and falling markets sparked exploding demand for cash, investors sought to tap the funds they had with Madoff to meet other commitments and raise cash. But, as Madoff recounted it to his sons, he had been using new investors' money to fund earlier investors' returns, and when too many clients sought to withdraw money, the game was up. It was the classic unraveling of the Ponzi scheme, named for one of the scam's most successful perpetrators, Charles Ponzi, who ran it in the early 20th century. While thousands lost money with Madoff, some of his clients were higher-profile than others, ranged across occupations from entertainers to executives, and included several charities and foundations -- several of which were completely wiped out. See interactive list of Madoff's victims. His victims included Fred Wilpon, an owner of the New York Mets baseball team, as well as Norman Braman, the former owner of football's Philadelphia Eagles, and the Elie Wiesel Foundation for Humanity. Madoff's sentencing comes just days after his wife agreed to relinquish her claim to more than $80 million of assets, according to a Wall Street Journal report. Ruth Madoff gave up millions of dollars in cash and securities, as well as her $7.5 million interest in a New York City apartment and a $7 million Montauk, N.Y., property, the Journal reported. She will retain $2.5 million. See full story at WSJ.com. The court-appointed trustee has so far recovered just $1.2 billion of the losses that investors suffered. Most of what the trustee is expected to recover from now on will come from any "clawback" suits against investors who had withdrawn money from their accounts with Madoff in recent years, the Journal reported. See full story at WSJ.com.