Scott Rothstein was found guilty of running a ponzi scheme that took $1.2 billion dollars from investors. Rothstein was sentenced to 50 years in a federal prison.

“I am truly and deeply sorry for what I have done. I don’t expect your forgiveness. I don’t,” Rothstein said in court according to the Sun-Sentinel. “I am ashamed and embarrassed.”

Rothstein was sentenced Wednesday morning by U.S. District Judge James Cohn in a Fort Lauderdale courtroom.

Rothstein, who turns 48 on Thursday, oversaw a $1.2 billion Ponzi scheme that collapsed last fall. He was arrested Dec. 1, 2009 after the scheme was exposed. Rothstein’s plan was built on supposedly lucrative investments in faked confidential settlements.