Madoff Reportedly Has $9B Stashed Away, Fellow Inmate Says

Monday, Jun 21, 2010  |  Updated 4:00 PM EDT
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Mini-Madoff's Digs for Sale

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Bernie Madoff's last name bears a stigma, obviously.

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Bernie Madoff funneled $9 billion of the more than $60 billion he stole from investors to three unspecified people, according to a published report.

The world's biggest Ponzi schmer is said to have directed the money to three close associates prior to being arrested in December 2008 for stealing the life savings, pensions and investments of tens of thousands of people, according to the New York Post.

An inmate at the North Carolina prison where Madoff, 72, is serving a life sentence told the Post that the financier voluntarily made the confession.

"I think it was personal friends," one of Madoff's inmates told the New York Post about the alleged recipients.

Madoff has apparently specified that Frank DiPascali, who assisted in Madoff's Ponzi scheme, knows the three recipients' identities, and that he's using the information as leverage while he tries to cut a deal with prosecutors.

DiPascali, who pleaded guilty to ten counts in relation to Madoff's swindle, is in jail awaiting sentencing, having been unable to post the $10 million bail, reports the Post.  Madoff is already serving a life sentence.

The inmate, with Madoff at a medium-security prison in Butner, North Carolina, has also spoken about Madoff's reaction to his former mistress's tell-all autobiography and current relations with his wife, Ruth.  Madoff began seeing a prison psychiatrist after the book was published and took antidepressants, the inmate says.

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