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Madoff prosecutors want assets from wife and children

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Wednesday, March 18, 2009

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The wife and sons of Bernard Madoff are now under pressure from prosecutors to give up US$2.6 million worth of jewelery and $31.5 million in loans. Madoff made the news recently when he pleaded guilty to running a Ponzi scheme worth billions of dollars.

Prosecutors, who stated their intent on Sunday to seize bonds and cash from Madoff, filed another notice on Tuesday listing assets that they intend to seize, among them "various pieces of jewelry owned or held in the name of Ruth Madoff valued at approximately $2,624,340," and "approximately 35 sets of watches and cufflinks owned by Bernard Madoff," as well as $31.5 million in loans made to Madoff's sons.

Bernard Madoff, aged 70, pleaded guilty last Thursday to cheating investors out of as much as $65 billion in the largest ever Ponzi scheme. He was jailed immediately after his plea, and faces a prison sentence of up to 150 years. Neither his wife nor his sons have been accused of any wrongdoing.


Sources

Bernard Madoff on Wikipedia.

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This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

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