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Mar 16,2009
U.S. seeks Madoffs' four homes, assets
by UPI

NEW YORK -- U.S. prosecutors are seeking to seize the homes and other valuables of confessed financial scammer Bernard Madoff and his wife Ruth, court documents indicate.

Authorities are looking to confiscate four homes, including residences in New York, Palm Beach, Fla., Long Island, N.Y., and France, as well as $62 million in bank accounts maintained under Ruth Madoff's name, ABC News reported Monday.

Also being sought are a 70-foot yacht named "Bull," four cars including a BMW and two Mercedes, as well as Ruth Madoff's Steinway piano -- valued at $39,000 -- and a $65,000 silverware set, the broadcaster said.

Bernard Madoff is jailed at the Metropolitan Correctional Center in New York after pleading guilty to operating one of the largest Ponzi schemes in history, and is facing up to 150 years in prison at a June 16 sentencing hearing.

The fact that many of the assets are under Ruth Madoff's name shouldn't prevent the government from seizing them, former federal prosecutor Bradley Simon told CNN, saying, "Since she was in the business, too, it's going to be hard to show these assets came from another source other than through the business."

Copyright © 2009, by United Press International. All Rights Reserved.

696 times read

Related news
Ruth Madoff to contest home seizures by UPI posted on Apr 08,2009

Madoff remains jailed, appeals court rules by UPI posted on Mar 20,2009

Madoff mansion said protected from seizure by UPI posted on Mar 17,2009

The Ponzi king by The Milwuakee Journal Sentinel posted on Mar 16,2009

When is a plea bargain not a plea bargain? by Susan_Estrich posted on Mar 16,2009

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