Log In

Reset Password

Madoff heading for new home

NEW YORK (Bloomberg) — Jailed conman Bernard Madoff is "in transit" to the prison where he will serve his 150-year sentence, a Bureau of Prisons spokesman said last night.

The US Bureau of Prisons is transferring Madoff from a high-security lockup in lower Manhattan, where he's been since his March 12 guilty plea, to a prison that hasn't yet been publicly identified, agency spokesman Bill Gau said in an interview. He will serve his sentence in Butner, North Carolina, CNBC reported, citing an unidentified source.

"He's in transit now," said Gau, a spokesman at the Federal Correctional Institution in Otisville, New York. He declined to say where Madoff was being taken.

At his June 29 sentencing, Madoff asked to be sent to Otisville, a medium-security prison with an adjacent camp about 70 miles northwest of Manhattan.

Madoff, 71, was sentenced June 29 for masterminding the largest US Ponzi scheme ever. Prosecutors said the money manager told clients they had as much as $65 billion invested with him. The government has so far documented losses of about $13 billion. Madoff is not appealing his 150-year sentence.

Madoff pleaded guilty to 11 counts and got the maximum sentence on each. He received 20 years for two counts of international money laundering, as well as for single counts of securities fraud, mail fraud, wire fraud, and making a false statement to the Securities and Exchange Commission.

He got 10 years for one count of money laundering and five years for perjury, investment-adviser fraud, making a false statement, and theft from an employee benefit plan. Madoff must serve the sentences consecutively.