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Allen Stanford and Bernie Madoff In Same Prison

Saturday, 19 Feb 2011 | 9:25 AM ET
Allen Stanford
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Allen Stanford

Accused Ponzi schemer Allen Stanford has joined convicted Ponzi schemer Bernard Madoff at the federal prison complex in Butner, North Carolina.

CNBC first reported Tuesday week that Stanford would be transferred to the facility for drug treatment. In January, U.S. District Judge David Hittner ruled that Stanford was incompetent to stand trial and ordered the drug treatment. Hittner suggested it take place in Butner, which has a well-regarded prison hospital, and federal officials agreed.

Stanford and Madoff will likely never encounter each other. Madoff is serving a 150-year sentence in the complex's medium security unit.

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