Ponzi scheme Bernard L. Madoff, what happens next?

Mr. Madoff will be incarcerated in a Federal Penitentiary, where the most violent and dangerous inmates are kept.

Louisville, KY, June 19, 2009 — Bernard L. Madoff, scheduled to be sentenced June 29, will no doubt spend the rest of his life in federal prison. At 71 years of age even a sentence of 15-20 years will probably be a death sentence for him. But what will those last years of his life be like and just how bad will prison be for Bernie?

“Many have speculated that, because of his 50 billion dollar Ponzi scheme, Mr. Madoff will be incarcerated in a Federal Penitentiary, where the most violent and dangerous inmates are kept,” said Steve Vincent, a former police officer and federal inmate who now runs Federal Prison Consultant Services in Louisville, KY. “

While many of his victims would no doubt love to see Mr. Madoff in a penitentiary it’s doubtful that will happen,” he said. “Mr. Madoff is a first time non-violent offender and at his age he’s not going to be classified as an escape risk. I believe that a low security prison is more probable and if he lives long enough to get to the final 10 years of his sentence he will even be eligible for a fenceless minimum security camp, which sometimes gets referred to as “Club Fed”, Mr. Vincent added. “I also believe that the Bureau of Prisons will keep him housed in protective custody segregation at whatever institution they designate for him to serve his time at,” he said.

“Protective custody means he will have no contact with the inmate general population and only be allowed to go outside for 1 hour a day for exercise in a secure fenced area of the prison yard. He will eat his meals in his locked cell and only be allowed out to shower a couple of times a week,” he said.

Mr. Vincent believes that if Mr. Madoff can handle the isolation and the mental stress of knowing he will never leave prison, it really won’t be a bad way for him to spend his golden years. “Mr. Madoff will never have to work again to pay his bills, and although he will probably be ordered to pay a fine and make restitution, there is no way that he will be able to do so even if he wanted to,” he said.

Mr. Vincent went on to describe what some of Madoff’s prison “perks & benefits” will be. “He will be living off of the government which means some of his former clients, who lost their life savings in his Ponzi scheme, will be paying for his food, clothes, laundry, health care, medicines, dental care, eye care, and his cable TV, with their tax money,” he said. “Most federal prisons even play rented new-release DVD movies on the weekends, so the next time you are at neighborhood Blockbuster and rent that new movie to take home, you can figure that Bernie has probably already seen it.” he added.

“He will have limited access to the institution’s library by requesting books and having them delivered to his cell and, provided he has money in his inmate account, he will be allowed to shop at the institution’s commissary by the same process of placing an order and having it delivered,” Mr. Vincent said. “Presently the BOP allows an inmate to spend up to $290.00 a month on commissary items which is all sales tax free. Items available for purchase include assortments of soda, potato chips, and candy,” he said. “Ice cream and cookies are also available as well as sundries items.” Mr. Vincent went on to describe what Mr. Madoff’s day-to-day life would probably be like. “A typical daily schedule for Mr. Madoff will be something close to this,”

6:00 am – Lights on
6:30 am – Breakfast
7:30 am – 8:30 am – Allowed to go outside
11:00 am – Lunch
4:00 pm – Dinner
10:00 pm – Lights out

“While he will not be allowed to work at any of the institution’s many jobs there is a possibility that, after many years, he could land the unofficial position of “trustee” or “orderly” for his segregation block,” Mr. Vincent said. “That position would allow him to leave his cell to do the menial jobs that need to be done in his area. This would include mopping the halls, cleaning the showers and performing other tasks,” he said. “While he still would not be allowed off the block and would have to return to his cell after his duties are completed, it would give him a slight feeling of freedom and in prison any feeling of freedom, no matter how slight, is cherished,” he added.

What about the chance that Mr. Madoff could possibly make money in prison. “The position of orderly would also allow him the opportunity to make some illegal money by passing notes from one inmate to another,” Mr. Vincent said. “This is called having a “hustle” in prison and it is against the rules. Money in prison is usually paid in stamps and with commissary items, but individuals on the outside can make cash deposits into any inmate’s money account,” he said.

“Compare that to one of his many elderly former clients who are now bankrupt, homeless and wondering how they are going to manage their golden years”, Mr. Vincent said. “Now picture Mr. Madoff in his freshly washed clothes lying across the clean sheets of his bunk while reading a book, eating cookies and drinking a soda while waiting for Oprah to come on TV,” he said. “A lot of people in your neighborhood who work for a living don’t have it that good.”

Steve Vincent is one of America’s leading prison consultants for first time inmates and their families, with a cliental list that includes business executives, celebrities, ex-law enforcement officers, and former political figures. A former police officer and federal inmate, Mr. Vincent has experienced and survived both sides of the law. He has written one of America’s best selling prison guidebooks for first time inmates and has been featured in newspapers and on other media outlets across America. He is also co-founder of Prison Coach, a new prison consulting firm based in NYC that is redefining the industry by creating a new standard for incarceration preparation. Steve Vincent can be reached at 877-726-2247 (Ext 2), by email at steve@federalprisonconsultant.com, or through his website www.FederalPrisonConsultant.com, or the Prison Coach website, www.prisoncoach.com.

Contact:
Mike Davis
Federal Prison Consultant Services
Louisville, KY
877-726-2247
mike@kypublishing.com
http://www.federalprisonconsultant.com/

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