Financier Bernard Madoff has been transferred to federal prison on Wednesday, for running the biggest fraud in Wall Street history.

Madoff had been sentenced 150 years in prison in June this year.

Madoff arrived at a federal prison in North Carolina on Tuesday to begin the sentence.

A prison official said he would be treated like any other inmate.

Madoff pleaded guilty in March to charges that his investment advisory business was a multibillion-dollar scheme that wiped out thousands of investors and ruined charities.

His Ponzi scheme was stunning for its size and duration.

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

When the flow of new money dries up, the scheme collapses and the fraud is exposed.

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