I think he should be put on trial as any criminal.
FWIW, I think economical crimes needs to be considered as bad as many other crimes.
Ie, an economical crime like this may very well be compared to when a high politician is tried for crime against humanity or war crimes, even though they never directly killed people, they were responsible for tremendous tragedy.
And Madoff has caused tremendous tragedy no doubt.
Tremendous tragedy that he was probably aware of, and still decided to continue.
I'm not saying Madoff should be compared to Hitler, but I mean that the way we could look on his crime is perhaps the same.
In any case, we need to upgrade economic criminality, it has to have similar penalities to other crimes IMO.
If Madoff is sentenced to life in prison, I think it will set a new, healthy standard for economic crime fighting and judicial system.