Madoff enters federal prison

July 15th, 2009 - 12:13 am ICT by IANS  

Bernard Madoff Washington, July 14 (DPA) Incarcerated financier Bernard Madoff Tuesday was being transferred for a second time to a federal prison where he will serve time for his $65-billion fraud, prison officials confirmed.
Madoff was transferred to the medium-security United States Penitentiary in Atlanta, Georgia, from the Metropolitan Correctional Center in New York City, where he had been held during his trial Monday, said Felicia Ponce, spokesperson for the Federal Bureau of Prisons.

Tuesday morning he was being moved from Atlanta to another undisclosed prison.

Ponce told DPA that the Bureau would not reveal where Madoff was being transferred until after he arrived there. Media reports, citing unnamed sources, have said Madoff is going to a federal prison in Butner, North Carolina, to serve out his sentence.

Ponce could not say why Madoff was leaving Atlanta as the reasons for prisoner transfers are not public information.

Madoff was sentenced in June to 150 years in prison by Judge Denny Chin, who handed out the highest penalty possible and argued it was in keeping with the “unprecedented” fraud he committed.

Madoff was arrested in December and pleaded guilty in March to running a pyramid “Ponzi” scheme, under which his firm paid huge returns to old investors by collecting money from new ones. The scheme had been going since at least the 1990s.

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |

Subscribe