Bernard Madoff, the disgraced Wall Street financier, has been ordered to forfeit over $170bn, prosecuters said.
Denny Chin, the US district judge assigned to Madoff's case, entered a preliminary order of forfeiture in New York on Friday.
The order forces Madoff to forfeit all of interests to assets, including a $7m apartment in Manhattan, an $11m house in Palm Beach, Florida and a $3m home located in New York's borough of Long Island.
The government also settled claims against Ruth Madoff, the financier's wife, who must also forfeit her interests totalling $80m in property which she had claimed was hers, prosecutors said.
Madoff, 71, a former non-executive chairman of the Nasdaq stock exchange, pleaded guilty in March to charges that his secretive investment advisory operation was a multibillion-dollar scam - the largest in US history.
Madoff could spend the rest of his life in prison when he is sentenced on Monday.
Showing posts with label Ponzi Scheme. Show all posts
Showing posts with label Ponzi Scheme. Show all posts
Saturday, June 27, 2009
Why does Madoff still have any money or assests?
He shouldn't be left with ANYTHING:
Labels:
Financial Markets,
Liars,
Lies,
Madoff,
Ponzi Scheme,
Scammers
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