Sentencing/Post Conviction

Madoff Reportedly Treated for Broken Nose and Ribs After Prison Beating

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Ponzi schemer Bernard Madoff was reportedly treated for a broken nose, fractured ribs and facial cuts after a beating in December at a North Carolina federal prison.

A Wall Street Journal story on the incident relies on accounts by a former inmate, a current inmate and “a third person familiar with Mr. Madoff’s situation.”

Bureau of Prisons spokeswoman Traci Billingsley told the newspaper there was an investigation, but Madoff denied he was assaulted and no inmates told of a beating, the Wall Street Journal says. Madoff is being held at a medium security facility in Butner, N.C. Inmates often deny assaults out of fears they will be labeled a snitch, the story says.

The two inmates said the assailant, a beefy man serving time for a drug conviction, believed Madoff owed him money.

The former inmate told the newspaper he asked Madoff for investment advice during chats in the library. He said Madoff advised him to invest in index funds that track the S&P 500 “where my money would be on all the stocks instead of putting my eggs into one basket.”

He also said Madoff warned him to stay away from day trading. “I was trying to get into day trading, and he’s like, ‘That’s not for you. That’s for individuals like me with millions to spare,’ ” the ex-inmate told the newspaper.

Prior prison coverage: “Madoff Isn’t Dying of Cancer—Or Even Diagnosed, Prison Official Says” “Madoff Gets Maximum 150 Years for ‘Extraordinarily Evil’ Crimes”

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