Madoff prosecutors want assets from wife and children
Wednesday, March 18, 2009
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.
- "Madoff jailed after pleading guilty to $50 billion fraud scheme" — Wikinews, March 13, 2009
Bernard Madoff on Wikipedia.
- Grant McCool. "U.S. turns up the heat on Madoff clan, wants assets" — , March 17, 2009
- David Glovin. "Madoff Prosecutors Seek to Recover Loans to Children, Jewelry" — , March 17, 2009
- Maddy Sauer. "Prosecutors Want Over $30 Million from Madoff Sons" — , March 17, 2009