Results tagged “150yearsentence”

Here's another update about Bernard Madoff's condition in federal prison, courtesy of the lawyers representing the investment faker's victims. Only this update paints a less rosy picture; while attorney Joseph Cotchett told ABC News, "[Madoff] looked pretty good and seems to be working out. He looked a lot better than he has in some months since I've seen photographs of him," today Cotchett told the CBS Early Show, "Look, it's a prison. He's suffering the immediate throes of being thrust into this. It's a new world to him. It's not pleasant, as it shouldn't be. The man is distraught." That sounds about right, but Madoff has time to adjust.

Bernard Madoff took a prison bus from the U.S. Penitentiary in Atlanta, Georgia to the Butner Federal Correctional Complex in North Carolina. It's about 45 miles from Raleigh and has a number of different facilities, including a medical center and minimum security area, but Madoff will be in the medium-security lockup.

So, Bernard Madoff, the man behind the $65 billion Ponzi scheme, is headed to a federal prison in Butner, N.C.—according to unnamed prison officials—but he's currently in Georgia. Bloomberg News has the best angle: "Conman Bernard Madoff was moved to the U.S. Penitentiary in Atlanta, the same facility where Charles Ponzi was incarcerated, to begin serving his 150-year sentence." The prison has medium-security detention center for "holdover inmates" in transit. It's unclear when Madoff will head to N.C., but the AP listed his famous future fellow inmates: Adelphia Communications' John Rigas and his son, Tim who were "convicted on multiple charges of securities fraud, conspiracy to commit bank fraud and bank fraud," Jonathan Pollard, the American convicted of spying for Israel more than two decades ago," and "Omar Abdel-Rahman, also known as the blind sheik, who was sentenced to life in prison in 1995 for his role in a plot to kill Egyptian President Hosni Mubarak and blow up New York City landmarks, including the United Nations." You can keep tabs on Madoff's whereabouts by using the Bureau of Prisons inmate locator—it lists his release date as "11-14-2139."

A lawyer for the $65 billion-dollar Ponzi scheme man says that there will be no appeal for 150-year sentence handed down to Bernard Madoff last week. Ira Lee Sorkin said, "The decision has been made, and that's it." Next up for Madoff is finding out where he'll spend the rest of his life—he requested to be sent to the Otisville federal prison. CNN Money notes that it's "70 miles northwest of New York City, where he used to reside in a $7 million apartment, ...and one of the closest medium-security prisons to New York City, where Madoff has family." Also, there's a "prison camp, textile factory, a full-time rabbi," and, according to a prison consultant, "one of the largest and most active religious programs for Jewish inmates in the Bureau of Prisons."