Updated 9:40pm 21 April 2012

Bernard Madoff in jail until 2139

DISGRACED financier Bernard Madoff has arrived at a Federal prison in North Carolina to begin serving a 150-year sentence for what is believed to be the largest Ponzi scheme in history.

Madoff arrived at the jail in Butner, after leaving Federal jail in New York City yesterday..

Madoff has a projected release date of November 14, 2139.

The 71-year-old Madoff pleaded guilty in March to charges that his investment advisory business was a multi-billion-dollar scheme that wiped out thousands of investors and ruined charities.

In a Ponzi scheme, early investors are paid by diverting money from new investors.

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