Club Fed huh? Bernie Madoff reported beaten in Prison

It’s not unusual to hear.  From time to time when I speak to groups – whether it’s financial services, oil and gas, or manufacturing I hear the back of the room comment (most of the time under their breath), “You were sent to ‘club fed'”.  I must admit I do have a twinge of resentment when I hear that remark.  It is “fed”, but it ain’t no “club.”

Unfortunately, Bernie Madoff is find that the hard way.   The Wall Street Journal reports (full report seen here), that Bernie Madoff was attacked while an inmate in prison.

Mr. Madoff was treated for a broken nose, fractured ribs and cuts to his head and face, according to a felon currently at Butner serving time on drug charges who was familiar with his condition at the time. The details of the injuries couldn’t be independently verified.

Another inmate who recently was released from Butner after serving time for drug charges and a third person who isn’t an inmate and is familiar with Mr. Madoff’s situation both confirmed the assault.

The former inmate said the dispute centered on money the assailant thought he was owed by Mr. Madoff.

Fellow prisoners say Mr. Madoff, who is Inmate No. 61727-054 at Butner, has garnered some respect from inmates because of the breadth of his Ponzi scheme. The fraud caused about $20 billion in net losses by thousands of investors.

Since Mr. Madoff’s arrest in December 2008, five other individuals have been charged in connection with the fraud. Two have pleaded guilty; the other three have either maintained their innocence or declined to comment. Prosecutors have said there were more alleged co-conspirators in the scheme who worked at the Madoff investment firm.

Separately, prosecutors from the U.S. attorney’s office in Manhattan are building tax-fraud cases against Mr. Madoff’s brother and two sons, all of whom worked at Mr. Madoff’s investment firm, people familiar with the matter have said. Those men have said they had no knowledge of fraud.

Every choice has a consequence!

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