Welcome Home, Bernie: Madoff Enters Prison

Convicted Investor Arrives At N.C. Penitentiary Where He Will Serve 150-Year Sentence

(AP)  Disgraced financier Bernard Madoff arrived at a federal prison in North Carolina on Tuesday to start serving an 150-year sentence behind bars.

The elderly Madoff left a penitentiary in Atlanta only a day after being transferred there Monday from a federal jail in New York City.

Madoff has a projected release date of November 14, 2139, assuming he gets early release credit for good behavior while in prison. He is listed in Bureau of Prisons records as prisoner number 61727-054.

The 71-year-old Madoff pleaded guilty in March to charges that his investment advisory business was a multibillion-dollar scheme that wiped out thousands of investors and ruined charities.

Authorities said Madoff had carried out the fraud for at least two decades before confessing to his sons in December that his investment business was a fraud and that he had lost as much as $50 billion.

The Butner Federal Correctional Complex, located about 45 miles northwest of Raleigh, includes two medium-security facilities, a low-security facility and a hospital, according to the Bureau of Prisons Web site. Within the federal prison system, it is perhaps best known for its hospital facility to treat elderly or ill prisoners.

Among the well-known criminals being held at Butner are:

John Rigas, founder of Adelphia Communications, and his son, Tim, the company's chief financial officer. They 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.

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. He was sentenced to life in prison in 1995 and moved to Butner in 2007.

© MMIX The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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by darthcheney345 July 14, 2009 8:40 PM EDT

Who are the Madoff Ten?

When will we see the names of his 10 suspected co-conspirators?

The real rats are the ones in our government who gave him a free pass for 20 years - through Democrat and Republican admin alike.

Madoff and Alan Greenspan prove that both parties have sold out to the ultra wealthy power elite.

Reply to this comment

by Novaleo July 14, 2009 7:57 PM EDT

This man needs to clean toilets and wash floors for the rest of his life, to feel the pain of the people he has created! Maybe eat moldy food and be able to go shopping at the jail store and then be told, somebody stold his money, so he cannot buy anything!
What a lowlife!

Reply to this comment

by darthcheney345 July 14, 2009 8:39 PM EDT

stold his money, so he cannot buy anything!
------------------
And then, the person who stole his money will say "I'm sorry." Then LAUGH HIS HEAD OFF!

by SamThornton July 14, 2009 5:24 PM EDT

Hope he likes red beans and rice.

Reply to this comment

by darthcheney345 July 14, 2009 5:40 PM EDT

Shoved up where?

by Mortarman29 July 14, 2009 3:08 PM EDT

Why is it Madoff goes to jail for his ponzi scheme, but all of those responsible for starting and continuing the Ponzi Scheme known as Social Security, are not in jail.

What they have done makes Madoff look like he stole a piece of candy from a store.

Reply to this comment

by gramto8 July 14, 2009 5:17 PM EDT

It would probably be a bit difficult to put the ones who started SS in jail as most of them are dead. SS started in 1935, in case you weren't aware. This 'Ponzi Scheme' has kept millions of widows, elderly, and disabled persons from from being put on the street and literally starving. I do not understand your problem with it.

by darthcheney345 July 14, 2009 5:42 PM EDT

The only ones who will lose from Social Security are the last generation, who will pay in more than they ever get back in benefits.

That will be the generation that hasn't started getting their benefits yet today.

Oh. That's us, isn't it.

The past generations got far, far more out of Social Security than they ever put in.

Somebody has to pay for that.

Yup, that's a Ponzi scheme.

Thanks, FDR. BTW, he was a Democrat.

by fedup12 July 14, 2009 2:35 PM EDT

50 billion does not just dissappear. I bet some is just gone but I also think that some is hidden in offshore accounts, swiss accounts and other good hidey spots.

Bernies wife and kids will never hurt for money.

Unlike his victims...

Reply to this comment

by darthcheney345 July 14, 2009 5:39 PM EDT

The 50 billion never really existed.

There was never more than 10 to 15 billion.

And most of that went to other account holders who made withdrawals.

Madoff and his cronies kept roughly 2 billion.

Who are his 10 co-conspirators?

If it was divided equally, that's less than 200 million per conspirator.

So now we know how the Clintons got their money....

by Lowie456 July 14, 2009 2:23 PM EDT

A northern boy coming to NC for some good ole southern hospitality. I'm thinking 150 years will reform him.

Reply to this comment

by mijomar-2009 July 14, 2009 1:48 PM EDT

The painful and increasingly frustrating results of Madoff's crime will be felt daily by all of his victims, with NO partial relief from the horrible loss of destroyed dreams and retirement plans and all the best intentions of those hundreds of deceived investors. So to allow Madoff any privilages other then basic eating,bathing,sleeping,reading,minimal visitation and sufficient medical support when needed would be excessive. He should be in solatary confinement for at least the first two to three years..he is lucky enough to have been granted a medium security prison...even that is more then he deserves. Deterrant to crime via prison incarceration does not work unless its severity can be witnessed in some way by the general public so as to create the fear that provides the 'deterrent'. I suppose making public, some of the torturous reality of a potentially 'cruel' prison format would suffice to convey the experienced 'reality' of a diciplined prison format by the prisoner.

The object of any sentense should be to absolutely insure an inmate does not want to return to prison a second time... or ever put him/herself in a situation to potentially experience a return visit. In my view, some prisoners experience a life much better, on a daily basis, then the life they lived on the street. In most cases,Prison should be ugly, bordering on the 'unfair'...otherwise, where is the lesson? These days, even the death penality is not a deterrant...especially if its not enacted until several years after the initail crime.

Reply to this comment

by darthcheney345 July 14, 2009 5:49 PM EDT

He should be in solatary confinement for at least the first two to three years..he is lucky enough to have been granted a medium security prison...
----------
He's getting more comfortable accomodations as his reward because he has fingered the real rats in our government who were his co-conspirators.

Wait until we see the list of the other 10 who are under investigation.

Then decide if Bernie deserves a reward.

by martin9p2 July 14, 2009 1:46 PM EDT

Rot in living hell Bernie.

Reply to this comment

by stickdog3 July 14, 2009 1:25 PM EDT

Why didn't they stop and pickup Bush/Cheney? They'll join him soon enough.

Reply to this comment

by darthcheney345 July 14, 2009 5:47 PM EDT

By the time they finish smoking out the rats from the Clinton admin and Bush admin who kept giving Madoff a free pass while they "investigated" him for the past ELEVEN years, that prison is going to be pretty crowded.

It will be like a modern-day Spandau prison.

How many of the inmates will be named Clinton?

by bwlewis1964 July 14, 2009 1:08 PM EDT

I'm sure bernie have some company very soon.

Reply to this comment

by darthcheney345 July 14, 2009 5:45 PM EDT

I would be willing to let Bernie go free on the witness protection program if he fingers the big rats in our government who gave him a free pass for 20 years, through Democrat and Republican administrations alike.

Madoff is small potatoes. The big rats are the crooks who became the ones they were supposed to be protecting us from.

by July 14, 2009 12:46 PM EDT

i hope you live for the entire term your in there you p.o.s.. even though you won't i hope you die @ 105

Reply to this comment

by ICStoopidPeople July 14, 2009 12:35 PM EDT

Welcome to NC Bernie, no lacey covers and no 600 ct sheets and no one to do your laundry, maybe someone will put money on your account and you can buy something from the commissary...but, remember, there are NO pension funds and NO charities there, so invest wisely :) With all that time on your hands, why don't you start writing each person a letter of apology that you stole from... Perhaps when you die, you will be that much closer to Jesus.. it is a thought..

Reply to this comment

by darthcheney345 July 14, 2009 5:37 PM EDT

Perhaps when you die, you will be that much closer to Jesus..
---------------
Madoff is Jewish. He doesn't believe in Jesus.

He's also a Democrat.

by stuart2020 July 14, 2009 12:15 PM EDT

Oh well. He'll die there. Oh well.

Reply to this comment

by DaVicar5 July 14, 2009 12:14 PM EDT

I heard the Warden already put him on Ponzie Watch - they found 1.24 Billion Cigarettes in his cell!

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[darthcheney345]

Who are the Madoff Ten?

When will we see the names of his 10 suspected co-conspirators?

The real rats are the ones in our government who gave him a free pass for 20 years - through Democrat and Republican admin alike.

Madoff and Alan Greenspan prove that both parties have sold out to the ultra wealthy power elite.

[Novaleo]

This man needs to clean toilets and wash floors for the rest of his life, to feel the pain of the people he has created! Maybe eat moldy food and be able to go shopping at the jail store and then be told, somebody stold his money, so he cannot buy anything!
What a lowlife!

[darthcheney345]

stold his money, so he cannot buy anything!
------------------
And then, the person who stole his money will say "I'm sorry." Then LAUGH HIS HEAD OFF!

[SamThornton]

Hope he likes red beans and rice.

[darthcheney345]

Shoved up where?

[Mortarman29]

Why is it Madoff goes to jail for his ponzi scheme, but all of those responsible for starting and continuing the Ponzi Scheme known as Social Security, are not in jail.

What they have done makes Madoff look like he stole a piece of candy from a store.

[gramto8]

It would probably be a bit difficult to put the ones who started SS in jail as most of them are dead. SS started in 1935, in case you weren't aware. This 'Ponzi Scheme' has kept millions of widows, elderly, and disabled persons from from being put on the street and literally starving. I do not understand your problem with it.

[darthcheney345]

The only ones who will lose from Social Security are the last generation, who will pay in more than they ever get back in benefits.

That will be the generation that hasn't started getting their benefits yet today.

Oh. That's us, isn't it.

The past generations got far, far more out of Social Security than they ever put in.

Somebody has to pay for that.

Yup, that's a Ponzi scheme.

Thanks, FDR. BTW, he was a Democrat.

[fedup12]

50 billion does not just dissappear. I bet some is just gone but I also think that some is hidden in offshore accounts, swiss accounts and other good hidey spots.

Bernies wife and kids will never hurt for money.

Unlike his victims...

[darthcheney345]

The 50 billion never really existed.

There was never more than 10 to 15 billion.

And most of that went to other account holders who made withdrawals.

Madoff and his cronies kept roughly 2 billion.

Who are his 10 co-conspirators?

If it was divided equally, that's less than 200 million per conspirator.

So now we know how the Clintons got their money....

[Lowie456]

A northern boy coming to NC for some good ole southern hospitality. I'm thinking 150 years will reform him.

[mijomar-2009]

The painful and increasingly frustrating results of Madoff's crime will be felt daily by all of his victims, with NO partial relief from the horrible loss of destroyed dreams and retirement plans and all the best intentions of those hundreds of deceived investors. So to allow Madoff any privilages other then basic eating,bathing,sleeping,reading,minimal visitation and sufficient medical support when needed would be excessive. He should be in solatary confinement for at least the first two to three years..he is lucky enough to have been granted a medium security prison...even that is more then he deserves. Deterrant to crime via prison incarceration does not work unless its severity can be witnessed in some way by the general public so as to create the fear that provides the 'deterrent'. I suppose making public, some of the torturous reality of a potentially 'cruel' prison format would suffice to convey the experienced 'reality' of a diciplined prison format by the prisoner.

The object of any sentense should be to absolutely insure an inmate does not want to return to prison a second time... or ever put him/herself in a situation to potentially experience a return visit. In my view, some prisoners experience a life much better, on a daily basis, then the life they lived on the street. In most cases,Prison should be ugly, bordering on the 'unfair'...otherwise, where is the lesson? These days, even the death penality is not a deterrant...especially if its not enacted until several years after the initail crime.

[darthcheney345]

He should be in solatary confinement for at least the first two to three years..he is lucky enough to have been granted a medium security prison...
----------
He's getting more comfortable accomodations as his reward because he has fingered the real rats in our government who were his co-conspirators.

Wait until we see the list of the other 10 who are under investigation.

Then decide if Bernie deserves a reward.

[martin9p2]

Rot in living hell Bernie.

[stickdog3]

Why didn't they stop and pickup Bush/Cheney? They'll join him soon enough.

[darthcheney345]

By the time they finish smoking out the rats from the Clinton admin and Bush admin who kept giving Madoff a free pass while they "investigated" him for the past ELEVEN years, that prison is going to be pretty crowded.

It will be like a modern-day Spandau prison.

How many of the inmates will be named Clinton?

[bwlewis1964]

I'm sure bernie have some company very soon.

[darthcheney345]

I would be willing to let Bernie go free on the witness protection program if he fingers the big rats in our government who gave him a free pass for 20 years, through Democrat and Republican administrations alike.

Madoff is small potatoes. The big rats are the crooks who became the ones they were supposed to be protecting us from.

i hope you live for the entire term your in there you p.o.s.. even though you won't i hope you die @ 105

[ICStoopidPeople]

Welcome to NC Bernie, no lacey covers and no 600 ct sheets and no one to do your laundry, maybe someone will put money on your account and you can buy something from the commissary...but, remember, there are NO pension funds and NO charities there, so invest wisely :) With all that time on your hands, why don't you start writing each person a letter of apology that you stole from... Perhaps when you die, you will be that much closer to Jesus.. it is a thought..

[darthcheney345]

Perhaps when you die, you will be that much closer to Jesus..
---------------
Madoff is Jewish. He doesn't believe in Jesus.

He's also a Democrat.

[stuart2020]

Oh well. He'll die there. Oh well.

[DaVicar5]

I heard the Warden already put him on Ponzie Watch - they found 1.24 Billion Cigarettes in his cell!