Government Takes Steps to Seize Madoff's Assets
Government officials plan to seize Bernard Madoff's assets. Gradually, prosecutors are identifying Madoff's many assets and filing that they intend to seize them. Madoff, the perpetrator behind the world's largest Ponzi scheme, admitted March 12th to the $65 billion scheme and is now behind bars, awaiting sentencing on June 16th.
According to the Houston Chronicle, Nearly $100 million in assets owned by Madoff and his wife Ruth have been identified and are subject to seizure in the near future. The $100 million includes: real estate, cash, bonds, automobiles and boats. Also up for seizure is the Madoffs' $7 million Manhattan apartment and their homes in New York, Florida and France.
Prosecutors also plan to seize assets in Ruth Madoff's name including: $17 million cash and $45 million in bonds. The Madoffs' lawyers insist Ruth is the sole owner of the cash, bonds and Manhattan apartment and that they are not related to her husbands $65 billion Ponzi scheme. In addition, loans given to the Madoffs' sons, Mark and Andrew, adding up to nearly $32 million are on the list of assets to be seized.
Prosecutors have yet to actually file a seizure request. They have filed a "notice of intent" to seize the assets, warning the Madoffs, their team of attorneys and Judge Denny Chin of the upcoming request.
On December 31, 2008 the Madoffs claimed they were worth $826 million, $700 million of which was Bernie's ownership in Bernard L. Madoff Investment Securities. Recently, however, outside evaluators value the company at only $10 million.
Investment Fraud
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