NEW YORK, NY — Bernie Madoff was convicted on charges of securities fraud, false filings with the SEC and money laundering. At his sentencing the judge gave him the maximum of 150 years. Madoff, who is 71, will spend the rest of his life behind bars after using investment money given to him from his clients to obtain a life of prestige and wealth.
According to the New York Federal Bureau of Investigation United States District Judge Denny Chin entered a preliminary order of forfeiture totaling $170,799,000,000 against Bernard Madoff. As a result of the entry of the two orders, the Government has stripped Bernard Madoff and Ruth Madoff of all their interests in property belonging to them, including, for example:
• an account at Cohmad Securities Corp. valued at approximately $46.67 million;
• an account at Wachovia Bank, N.A. valued at approximately $13.3 million;
• a cooperative apartment located at 133 East 64th Street, New York, New York, valued at approximately $7.5 million (the "New York Co-op");
• property located at 216 Old Montauk Highway, Montauk, New York, valued at approximately $7 million (the "Montauk Property");
• property located at 410 North Lake Way, Palm Beach, Florida, valued at approximately $7.45 million (the "Palm Beach Property");
• approximately $1.48 million on deposit in the United States Marshals Service Seized Asset Fund representing the net proceeds of the sale of the Madoff’s home at Chateau des Pins Villa 2, 279 Chemin de la Garoupe, Cap d’Antibes, France;
• all insured or salable personal property contained in the above-listed properties including, but not limited to: furniture, artwork, electronics and appliances, jewelry, and apparel; and
• tens of millions of dollars of loans extended by Bernard Madoff and Ruth Madoff to family, employees and friends.
The Stipulation and Order requires Ruth Madoff to retain temporarily certain assets in France on behalf of the Government for the sole purpose of facilitating the sale of those assets and forfeiture of the proceeds of the sale.
In addition, the judge entered four orders authorizing the United States Marshals Service to sell four Madoff properties: the New York Co-op, the Montauk Property, the Palm Beach Property and certain cars and boats.
Bernie Madoff did not say much to the those he robbed. He apologized for the pain and suffering that he caused.
Publisher’s note: Go to www.tncp.net and search ‘Madoff’ for the original story on The New Citizens Press.
