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Madoff giving financial advice in prison

Bernie Madoff, the former US investment adviser who orchestrated a Ponzi scheme that authorities believe to be the largest financial fraud in US history, has been found to be giving financial advice in the North Carolina prison where he is serving a 150-year sentence.

The former NASDAQ chairman told US publication Market Watch that both prison guards and fellow inmates at the Butane jail have approached him for investment advice.

"The prison was afraid that the media would say Madoff is teaching criminals how to invest," said Madoff.

In March 2009, Madoff admitted he had turned his wealth management business into a Ponzi scheme and pleaded guilty to 11 US federal felonies relating to investor losses of as much as US$18 billion.