Bernard Madoff has been jailed for the rest of his life...

International fraudster Bernard Madoff has been jailed for the rest of his life for swindling investors out of billions of dollars.

The 71-year-old was sentenced to 150 years after he, 10 of his victims and lawyers on both sides had addressed the court.

Dozens of those who lost fortunes in his pyramid-based Ponzi investment fraud that lasted decades filled the New York courthouse having spent hours queueing to get seats.

Madoff, a former Nasdaq chairman, pleaded guilty to securities fraud and other charges in March and has since been held in jail.

Victims who lost millions of dollars had described their ruined lives to judge Denny Chin.

Madoff, wearing a dark suit, white shirt and a tie, sat and listened as they described how he wrecked their financial security, and urged he be sent to prison for life.

"Life has been a living hell. It feels like the nightmare we can't wake from," said Carla Hirshhorn.

"He stole from the rich. He stole from the poor. He stole from the in between. He had no values," said Tom Fitzmaurice. "He cheated his victims out of their money so he and his wife Ruth could live a life of luxury beyond belief."

Dominic Ambrosino called it an "indescribably heinous crime" and urged a long prison sentence so "will know he is imprisoned in much the same way he imprisoned us and others." He added: "In a sense, I would like somebody in the court today to tell me how long is my sentence."

Madoff's lawyer had asked a judge to give his client 12 years behind bars. Prosecutors sought the maximum 150-year term.