Madoff Arrives at North Carolina Prison

Scott Cohn, Senior Correspondent, CNBC

posted: 116 DAYS 13 HOURS AGO

filed under: Madoff

Text SizeAAA

Disgraced financier Bernard Madoff has arrived at federal prison in Butner, North Carolina, CNBC has learned, though it is still not clear if that will be his permanent home.

More from CNBC.com:

• Strategies for a Pullback

• Four Signs of a Correction Looms

• More Banks to Fail, and That's Good

Madoff, 71, was sentenced last month to 150 years in prison after pleading 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.

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.

2009-07-14 08:10:59