New York  - Bernard Madoff was to be sentenced Monday for a 65-billion-dollar financial fraud that cost hundreds of investors around the world.

Madoff, 71, faced up to 150 years in prison. Many victims who lost their life savings have called for that maximum sentence, while his attorneys have asked for 12 years due to his advanced age.

Both Madoff and victims of his scheme were to deliver testimony during the sentencing hearing.

"Sentence this monster named Madoff to the most severe punishment within your abilities," wrote victim Randy Baird in a letter to the judge ahead of the sentencing.

The sentencing in a New York court, while providing some closure to victims, will still leave many fighting to recover some of their lost money.

That recovery came one step closer on Friday when the New York court ruled that Madoff's wife Ruth must give up the bulk of the family's estate.

The family will have to surrender numerous villas, yachts and cars worth 80 million dollars, Judge Denny Chin ruled. She can keep about 2.5 million dollars.

Madoff ran a pyramid "Ponzi" scheme for years, faking earnings by continuously drawing in new investors. The system collapsed late last year when investors began to withdraw funds amid the financial crisis.

Madoff was first arrested in December and pleaded guilty to the crime in March.(dpa)