Madoff in Prison Yard Tussle

With transfer, con man begins his 150-year sentence

(NEWSER) - Bernard Madoff was transferred today from Manhattan’s Metropolitan Correctional Center to a prison in Butner, NC, to serve out his 150-year sentence, sources tell CNBC. Madoff’s attorney had requested that the 71-year-old convicted Ponzi schemer do his time at Otisville in upstate New York. The prison system tries to place inmates within 500 miles of family; the Butner facility is just within that distance from New York. More»

Conman resigned to life in prison

(NEWSER) - Bernie Madoff will do his time, his lawyer said today. The 71-year-old con man sentenced to 150 years in prison on a slew of fraud charges related to his massive Ponzi scheme won’t file an appeal, Bloomberg reports. “In terms of the appeal, done, over,” Madoff’s attorney Ira Sorkin said today. More»

(NEWSER) - Alec Baldwin throws water on the general celebration of Bernie Madoff's prison sentence, arguing that the 150-year term handed down to the fraudster Monday was a wasted opportunity. "I want to suggest, as I am confident others have, that Madoff be given a reduced sentence in exchange for answering every question that investigators ask regarding how he did what he did and what are his recommendations for how this might be detected and/or prevented in the future," the actor writes for the Huffington Post. More»

New focus on Peter as trustee seeks to compensate swindle victims

(NEWSER) - A federal court official may seek to claw back any funds transferred by Bernard Madoff's swindle company to his brother, reports the New York Post. The new focus on Madoff's sibling, an officer in his firm, was revealed in a letter to an attorney representing a New York law student. The student lost his $500,000 inheritance to investments in Madoff's ersatz hedge fund made by Peter Madoff. The court trustee is seeking Peter's money to compensate Madoff victims. More»

He's making buddies and earning the respect of fellow con artists

(NEWSER) - With 5 months under his belt, Bernie Madoff has about 149 and a half years to go in prison, but good news for him: He's making pals and winning respect behind bars. "To every con artist, he is the godfather, the don," one inmate tells the Wall Street Journal , which pieces together a profile of Bernie the inmate. More»