From NBC's Jonathan Dienst and Mark Murray
More breaking news today: A federal court in New York just sentenced convicted fraudulent investment schemer Bernard Madoff to 150 years in jail.

There was applause in the courtroom when the sentence was read.

Video: Victims of Ponzi schemer Bernard Madoff tell CNBC how they feel about his 150-year sentence, immediately after it was handed down.

Madoff is 71 years old.

There was no fine. All Madoff assets will go to the victims.