Judge seeks $170B in forfeitures from Madoff, who awaits sentence
Written by Janet
Prosecutors want Madoff to serve 150 years, so a U.S. District Court judge Friday entered a preliminary order calling on the convicted Ponzi schemer to forfeit more than $170 billion in assets, prosecutors announced. His wife Ruth, will be allowed to keep $2.5 million in funds “in settlement of the claims she would have otherwise brought against the property.
Madoff, who pleaded guilty to 11 counts, including fraud, money laundering and perjury, is to be sentenced Monday. The forfeitures amount to all of his assets. The forfeitures include millions of dollars in loans made to family members, employees and friends, all personal property, including paintings, jewelry and furniture, millions of dollars in investment and banking accounts and several pieces of property.
U.S. District Judge Denny Chin ordered the U.S. Marshals Service to sell a $7.5 million co-op apartment in New York, a $7 million property in Montauk, New York, and a $7.45 million property in Palm Beach, Florida, along with several cars and boats.
The purpose of asking for 150 years, was for Madoff to remain in prison the rest of his life. His multi billion dollar Ponzi Scheme, is said to have defrauded thousands of investors under false pretenses. The scheme, which spanned decades, has generated a fraud loss of more than $13 billion.
Madoff promised his clients a high return with limited risk, but in reality early investors were paid with later investors — and nobody realized huge gains. Some of the victims of the scheme included individuals and nonprofit organizations. He pled guilty on March 12 and has since been in jail at the Metropolitan Correctional Center in Manhattan. But his attorneys think he should only serve 12 years in prison.
- Posted in: Crime & Punishment