Bernie Madoff, the mastermind behind the world's largest ever Ponzi scheme, arrived at a federal prison in North Carolina to begin serving his 150 year prison sentence.It will be hard to find anyone sympathetic to the 71 year old investor who will be spending the rest of his life behind bars. We still do not know if Madoff will serve out all of his time at the federal prison in Butner, North Carolina, but for now that is where he can call home.
Madoff was convicted earlier this year for a Ponzi scheme that ran for multiple decades, and wiped out the portfolios of thousands of investors and ruined numerous charities.
Madoff is not the only high profile white collar convict that currently calls the Butner prison home. In addition to Madoff, Butner also holds John and Tim Rigas. John was the founder of Adelphia, and he and his son John were convicted of multiple charges of securities fraud, conspiracy to commit bank fraud, and bank fraud.
Not that it makes any difference, but Federal authorities did cut 20 years off of Madoff's sentence. While he was sentenced to 150 years in jail, his release date has been set for 2139, which would make him 201.
At this point Madoff is not appealing his sentence, and has been issued prisoner number 61727-054.
All in all, authorities say that Madoff lost his investors $13 billion.
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Reader Comments (Page 1 of 1)
7-14-2009 @ 7:00PM
GreRee said...
"John was the founder of Adelphia, and he and his son John..." Don't you mean "he and his son Tim"?
7-14-2009 @ 8:57PM
bart said...
"We still do not know if Madoff will serve out all of his time at the federal prison in Butner"
Geez!
There is no way he can serve out all of his time. The prison may or may not even exist in 2139. He will be dead long before 2039.
Maybe you really wanted to ask whether Madoff would spend the "all of his life" at Butner?. That would make a whole lot more sense.
7-14-2009 @ 8:26PM
Mike said...
Bernie, Bernie Bernie. I know that you won't be able to serve the entire 150 years. Just do the best you can.