His victims have called him a “monster” and a “devil” and want him jailed for the rest of his life. Today, Bernard Madoff, architect of the world's biggest financial fraud, a $65bn “Ponzi” scheme that ruined thousands of investors, will learn his fate.

Prosecutors are demanding a prison sentence of up to 150 years. The hearing in a Manhattan federal courthouse is likely to be crowded and emotional. Hundreds of people are expected to turn up. Only a handful of victims will be allowed their say, as will Mr Madoff.

Wearing his own clothes instead of prison dress, Mr Madoff will use the hearing to address “the shame he has felt” and “the pain he has caused”, according to his lawyer Ira Sorkin. He has argued that 12 years – half as much time as was handed out to other high-profile white-collar criminals including former chief executives of WorldCom and Enron – would be sufficient punishment.