Bernie Madoff joins long white-collar prison roll
A look at some other figures serving time for their involvement in high-profile financial scandals:
— Jeffrey Skilling, 55, Enron’s former chief executive, sentenced in October 2006 to more than 24 years in prison for role in company’s collapse. The 5th U.S. Circuit Court of Appeals in January ordered a re-sentencing hearing, ruling that a district judge improperly applied a sentencing guideline that resulted in a longer prison term. Skilling is yet to be re-sentenced.
— Andrew Fastow, 47, Enron’s former CFO, pleaded guilty to conspiracy in 2004 and sentenced to six years. The federal bureau of prisons lists his projected release date as Dec. 17, 2011. Fastow’s wife, Lea, pleaded guilty in 2004 to a misdemeanor tax crime and served a year in prison for helping him hide ill-gotten gains from his schemes.
— Bernard Ebbers, 67, former chief of WorldCom, imprisoned in September 2006 on 25-year sentence for his role in $11 billion accounting fraud that toppled his telecommunications company. The federal bureau of prisons lists his projected release date as July 4, 2028.
— Dennis Kozlowski, 62, CEO of Tyco International, convicted in June 2005 and serving 8-1/3 to 25 years on charges including conspiracy, grand larceny and securities fraud. His earliest parole date is in 2014.
— Joseph Nacchio, 60, former Qwest CEO, sentenced to six years after being convicted in 2007 of 19 counts of insider trading. Nacchio reported to a minimum-security prison camp in Minersville, Pa., in April. His projected release date is July 4, 2014, according to the bureau of prisons.
— John Rigas, 84, founder of cable television company Adelphia Communications, convicted in 2004 of charges including securities and bank fraud. Currently serving 12 years in prison. His projected release date is Jan. 23, 2018.
— Timothy J. Rigas, 53, Adelphia’s former CFO, convicted of the same charges as his father and serving 17 years. His projected release date is June 3, 2022.
— Conrad Black, 64, former newspaper mogul and member of the British House of Lords, convicted in July 2007 on charges he siphoned off millions of dollars belonging to Hollinger International when he was chief executive of the media company. Serving a 6 1/2-year prison term in Coleman, Florida. His projected release date is Oct. 30, 2013.
— Walter Forbes, 66, former chairman of Cendant Corp., sentenced in January 2007 to 12 years and seven months and ordered to pay $3.275 billion in restitution for leading accounting fraud at the travel and real estate company. His projected release date from federal prison is July 21, 2018.
— Martin Frankel, 54, ordered by a federal judge in 2006 to serve the same sentence he got in 2004 for stealing $200 million from insurance companies — nearly 17 years in a federal prison. Frankel’s projected release from prison is Sept. 7, 2015.
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Tell me, Bernie: phone exchange between Madoff, top SEC official is illuminatingSeptember 4th, 2009 Questioning Madoff on the phoneThe new report by the inspector general of the Securities and Exchange Commission on the agency's failure to detect Bernard Madoff's multibillion-dollar fraud over 16 years is packed with disclosures and tantalizing details. Here, for example, is a snippet of a phone conversation in December 2003 between Lori Richards, then the director of the SEC's inspections office, and Madoff.
Apologetic ex-Madoff CFO DiPascali reveals details of Ponzi scheme as he pleads guilty in NYCAugust 11th, 2009 Ex-Madoff CFO pleads guilty in court in NYCNEW YORK — The former chief financial officer for Bernard Madoff has pleaded guilty in a cooperation deal to 10 charges, including conspiracy. Frank DiPascali entered the pleas Tuesday in federal court in Manhattan.
Ponzi king Madoff 'surprised' why fraud was not uncovered soonerJuly 29th, 2009 LONDON - Ponzi king Bernard Madoff, in his first interview since entering prison, has expressed surprise that Wall Street's biggest investment fraud was not uncovered sooner. Madoff, 71, who was sentenced to 150 years in prison for his 65 billion dollar fraud, expressed remorse and talked candidly to two lawyers who are suing him on behalf of the investors.
Ponzi king Madoff in danger of being beaten up by fellow inmatesJuly 20th, 2009 NORTH CAROLINA - Ponzi king Bernard Madoff, who has been convicted of committing a fraud of 60 billion dollars, is in danger of being beaten up by fellow inmates at a North Carolina federal prison, where he is currently imprisoned. Reportedly, fellow inmates at the federal prison were discussing beating Madoff to boost their jailhouse reputations.
Multi-billion dollar fraudster Madoff's request for soft-touch prison rejectedJuly 15th, 2009 NEW YORK - Wall Street's biggest fraudster Bernard Madoff will serve his jail term along with an Israeli spy and an Islamic terrorist at a North Carolina prison, where he was transferred on Monday after the US Bureau of Prisons rejected his request to spend the rest of his life at the Otisville Correctional Institute, an easygoing prison. Now Prisoner No 61727-054, Madoff, 71, is serving his 150-year sentence for running a 65 billion dollar ponzi scheme at the Butner Federal Correctional Complex, 480 miles from New York, where Madoff's wife and two sons.
Prison coach says Bernard Madoff was not afraid before starting 150-year sentence in NCJuly 15th, 2009 Prison coach: Madoff was not afraid ahead of termNEW YORK — A prison coach who helped Bernard Madoff get ready for his 150-year sentence says the disgraced financier was not afraid before starting his term at a federal penitentiary in North Carolina. Herb Hoelter (HOHL'-ter) told the CBS "Early Show" that Madoff was remorseful but composed when Hoelter met him four days before sentencing.
Convicted swindler Bernard Madoff leaves Atlanta lockup for NC prisonJuly 14th, 2009 Madoff leaves Atlanta lockup, headed to NC prisonWASHINGTON — Disgraced financier Bernard Madoff has left a federal prison in Atlanta and is heading to his new home in a North Carolina prison. Federal Bureau of Prisons spokeswoman Linda Thomas on Tuesday said Madoff has left the penitentiary in Atlanta.
Bureau of Prisons Web site lists Madoff's location as federal prison in GeorgiaJuly 14th, 2009 Government Web site says Madoff at prison in Ga. WASHINGTON — A Bureau of Prisons Web site says that disgraced financier Bernard Madoff has been moved to a federal prison in Atlanta.
AP source: Madoff leaves NYC prison to serve remainder of 150-year term in NC facilityJuly 14th, 2009 AP source: Madoff leaves NYC prison facilityWASHINGTON — A law enforcement official says disgraced financier Bernard Madoff has been moved out of a New York prison on his way to a North Carolina facility to begin serving his 150-year sentence. The law enforcement official spoke on condition of anonymity because the official was not authorized to discuss prisoner transfers.
Here's your chance to send mail to Bernie Madoff in prisonJuly 13th, 2009 NEW YORK - Want to vent out your anger on Bernard Madoff personally? Well, you can at least write a mail to the fraudster via MadoffMail.com. The site is offering people a chance to send emails that will be eventually delivered to the scammer in prison.
Bernie Madoff will not appeal against 150 year prison sentence!July 10th, 2009 NEW YORK - A lawyer representing incarcerated Ponzi king Bernie Madoff has said that his client will not appeal against the 150-year prison term handed down by Manhattan Federal Judge Denny Chin. Bernie Madoff, 71, is presently lodged in the Manhattan's Metropolitan Correctional Center, and is awaiting a transfer to a prison outside the city, reports the New York Daily News.
Sotomayor imposed longer than average prison terms on convicts in New York, study saysJuly 9th, 2009 Study: Sotomayor tough on white-collar criminalsWASHINGTON — High court nominee Sonia Sotomayor typically handed out tougher prison sentences than her colleagues in the federal courthouse in Manhattan, especially to white-collar criminals, a new study says. Nearly half the people Sotomayor sentenced for financial fraud and other white-collar crimes received at least 6 months in prison, according to an analysis released Thursday by the Transactional Records Access Clearinghouse at Syracuse University.
Bernie Madoff hires prison consultant to help him find best possible jailJuly 5th, 2009 LONDON - Bernard Madoff has hired a veteran prison consultant to help him to find the best possible jail in which to serve his 150-year sentence for Wall Street's biggest fraud. After his sentencing this week Madoff, now Prisoner No 1727-054, met Herb Hoelter, of the National Centre for Institutions and Alternatives, whose previous clients include the jailed Sotheby's chairman Alfred Taubman and the financiers Michael Milken and Ivan Boesky.
Person close to Madoff investigation tells AP more arrests expected, but not imminentJune 30th, 2009 Madoff behind bars, investigation grinds forwardNEW YORK — The day after Bernard Madoff received a 150-year prison term, investigators are continuing their pursuit of other suspects in his massive fraud. A person close to the investigation tells The Associated Press no more arrests are imminent, but 10 people are expected to face charges by the time investigators are done.
Saga to end Monday for Madoff, but pain is just beginning for many cash-strapped victimsJune 28th, 2009 Pain continues for cash-strapped Madoff victimsNEW YORK — Bernard Madoff will learn Monday whether he will spend the rest of his life in prison. But for thousands of his victims, the pain of wondering what the future holds is only beginning.
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